The stunning rebound in coal prices reduces risks, though upside is limited in the near term.
The UT5 draft regulatory decision for narrow-moat Aurizon's Queensland rail network is worse than expected, with revenue prescribed 20% below Aurizon's proposal. The main points of contention are significantly lower allowed returns on capital and a stable allowance to maintain the network despite a larger asset base.Fiscal 2018 is unaffected and earnings guidance is maintained, but we downgrade our medium-term net income forecasts by around 10% as the final decision should be similar to the dra...
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