China Shenhua's integrated business model shows resilience in challenging environments.
Although we’ve raised our earnings forecasts for narrow-moat China Shenhua following its strong first-half result, the company’s third quarter continues to be ahead of our expectations, with nine months net profit rising 107% year-over-year, to CNY 38.6 billion. This reflects management’s efforts in achieving a higher-than-expected average coal selling price, which was up 49% from a year ago, compared with a 41% rise for the benchmark Bohai-rim Steam Coal Price Index, or BSPI. In addition, tight...China Shenhua Energy and its subsidiaries are engaged in the production and sale of coal; the generation and sale of power; and providing transportation services in the People's Republic of China (the "PRC"). Co. operates coal mines as well as an integrated railway network and seaports that are used to transport Co.'s coal sales. The primary customers of Co.'s coal sales include power plants and metallurgical producers in the PRC. Co. also operates power plants in the PRC, which are engaged in the generation and sale of coal-based power to provincial or regional electric grid companies.
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