Lower Production Drove Shenhua’s Soft 1Q; Shares Fairly Valued on Weakening Coal Prices
China Shenhua’s soft first-quarter result, with net profit falling 5.7% year over year to CNY 12.2 billion under IFRS, contains few surprises, with weakness in the coal segment being the key drag. This should be attributed to an 8% cut in coal output, due to the the production suspension at Ha’erwusu and Baorixile Open-pit mines in Inner Mongolia since August 2017, which also drove unit production cost up 5% given the volume drop. We think these are only temporary factors, and we expect Shenhua’...
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