Daqin Sees Robust Coal Rail Demand, Despite New Settlement Measure Weighing on 2Q
We maintain our fair value estimate of CNY 9.80 per share for narrow-moat Daqin, following the company’s in-line first-half result with net profit rising 7.5% year over year to CNY 8.2 billion. The result implies an 8.2% fall in the second quarter from a year ago, despite robust coal demand growth, with volume on Daqin Line edging up 4.8% in the quarter. This reflects some fee-structure changes, following the implementation of new freight settlement measures commencing this year, as well as a lo...Daqin Railway is principally engaged in the transportation of coal business. Co. is engaged in the railway passenger and cargo transportation; manufacture, installation and repair of railway transportation equipment, facilities and spare parts; undertaking railway construction projects; organization and management of engineering survey, design and construction; provision of loading and unloading of goods, as well as warehousing services; and the selling and storage of related raw materials and spare parts needed. In addition, Co. is also engaged in the provision of locomotive towing, truck repair, ticketing, and other related services.
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