Shenhua’s Strong 2Q Reveals Cost-Management Strength; Raising FVE to HKD 19.80
We raise our fair value estimate for China Shenhua Energy to HKD 19.80 per share from HKD 17.60 following the company’s robust first-half result, which revealed a stronger second-quarter that beat our expectations.  Contrary to the weakness seen at its peers, Shenhua’s second quarter was up 3% sequentially to CNY 13.4 billion. This was helped by improving coal-fired power demand and robust coal rail-transport volumes. And more impressively, Shenhua’s coal segment also posted positive sequential ...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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