Shenhua’s Full-Year 2018 Result in Line; Shares Are Slightly Undervalued.
Narrow-moat China Shenhua’s full-year 2018 result contains few surprises, with net profit falling 8% year over year to CNY 44 billion. This implies a flat recurring fourth-quarter performance, despite an 8.8% drop in the benchmark QHD 5,500 kcal spot coal prices. We think this reflects Shenhua’s competitive advantage with integrated coal power business, as stronger power demand, coinciding with falling coal price, helped to offset the weakness at coal segment. In addition, with 82% of coal outpu...
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