Lower Production Drags on Shenhua's 1H; Shares Slightly Undervalued
Narrow-moat China Shenhua Energy's soft first-half result, with net profit falling 6.8% year over year to CNY 24.5 billion, was expected. The production suspension at the Ha’erwusu and Baorixile open-pit mines in Inner Mongolia since August 2017 continued to hurt revenue from self-produced coal, which also drove unit production costs up 9.8%, given the volume drop. We think these are only temporary factors, and we expect Shenhua’s production to recover in the second half with the mining approval...
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