Daqin’s Decent 2018 Performance In Line; Safety Checks at Coal Mines Lead to Weak 1Q
Narrow-moat Daqin Railway reported a decent 2018 result, with net profit up 9% to CNY 14.5 billion, boosted by robust demand for coal transport by rail that coincided with a freight rate hike in late March 2017. Full-year volume on Daqin Line edged up a further 4% year over year to 451 million metric tons in 2018 following a sharp 23% volume recovery in 2017. However, a few coal mine disasters in Shanxi, Shaanxi, and Inner Mongolia have triggered stricter safety checks on coal production, leadin...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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