Yanzhou Coal's long-term future remains grim.
No-moat Yanzhou Coal’s third-quarter results came in slightly better than we expected, with a significant boost in recurring third-quarter net profit to CNY 400 million from a net loss of CNY 120 million in the second quarter, under PRC GAAP, driven by a 14% increase in average coal prices and a 12% drop in production cost. With the coal segment contributing about 85% of total gross profit, we expect Yanzhou to continue to benefit from the higher floor in coal prices, and raise our fair value es...
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