Shenhua’s Profit Guidance Implies a Flat 4Q Earnings, Despite 9% Fall in Coal Price
China Shenhua’s preliminary full-year 2018 profit guidance of CNY 44.5 billion points to a better-than-expected fourth-quarter performance as an 8.8% drop in the benchmark QHD 5,500 kcal spot coal prices should have led to a drop in earnings. We think fourth-quarter profit could have been supported by stronger-than-expected power output and pickup in second-half coal rail-transport demand. In addition, the monthly coal production volume recovered to 25.5 million tons in the fourth-quarter, from ...
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