Shenhua’s 1Q in Line; Shares Slightly Undervalued.
Narrow-moat China Shenhua’s first-quarter result contains little surprise, with net profit rising 5% year over year to CNY 12.9 billion, despite a 14% drop in the benchmark QHD 5,500 kcal spot coal prices. We think this reflects Shenhua’s competitive advantage with its integrated coal power business, as growing power demand, coinciding with a falling coal price, helped to offset the weakness in the coal segment. In addition, with about 90% of coal outputs being sold through long-term contracts, ...
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