Yanzhou’s 2016 In Line; Raising FVE to HKD 5.10 per Share on Strong Capacity Growth
Yanzhou Coal’s 2016 net profit of CNY 1.6 billion was in line with the company’s preliminary announcement and with market expectations. The near-term attraction comes from the company’s strong capacity expansion in the coming two years, following the commercial operation of Shilawusu and Yingpanhao coal mines in 2017, as well as the proposed acquisition of Coal & Allied. We expect these actions to add more than 40 million tonnes in annual production to Yanzhou in the coming two years, or 50%...
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