Yanzhou’s 1Q Result in Line; Capacity Expansion Remains Key Growth Driver in 2019
No-moat Yanzhou Coal’s first-quarter result, with net profit rising 4% year over year to CNY 2.3 billion under PRC GAAP, was largely in line with our expectations. We maintain both our 2019 net profit forecast of CNY 9.7 billion, as well as our fair value estimate of HKD 8.00 per share, as key production assumptions and our long-term bearish coal price outlook are unchanged. Following a 36% share price rise from the beginning of the 2019, we think the shares are fairly valued, with the uptick in...
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