China Shenhua's integrated business model shows resilience in challenging environments.
China Shenhua's positive 2017 first-half profit guidance reveals a stronger second quarter that appears to be ahead of our expectations. Despite softening coal prices, Shenhua’s second-quarter net profit appears to be up 3% sequentially to CNY 13.3 billion under international financial reporting standards, or IFRS. It hints that improving coal-fired power demand and robust coal rail-transport volumes are offsetting slightly weaker coal prices and a 5% coal production cut. We think this demonstra...China Shenhua Energy and its subsidiaries are engaged in the production and sale of coal; the generation and sale of power; and providing transportation services in the People's Republic of China (the "PRC"). Co. operates coal mines as well as an integrated railway network and seaports that are used to transport Co.'s coal sales. The primary customers of Co.'s coal sales include power plants and metallurgical producers in the PRC. Co. also operates power plants in the PRC, which are engaged in the generation and sale of coal-based power to provincial or regional electric grid companies.
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