Surging Coal Price and Aggressive Capacity Expansion Drove Yanzhou’s Strong 1Q
Benefiting from the twin drivers of surging coal prices and strong production growth, Yanzhou Coal’s first-quarter net profit rebounded 6.6 times to CNY 1.6 billion under China GAAP. The result was largely within expectation, and we think the near-term attraction comes from the company’s capacity expansion, following the commercial operation of Shilawusu and Yingpanhao coal mines in 2017. Along with the proposed acquisition of Coal & Allied, we think these actions should add in more than 40 ...
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