Shenhua’s 3Q Beats; Our Bearish Coal Price Outlook Remains; Little Change to FVE.
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...
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