Yanzhou’s Positive Profit Alert In Line; Softening Coal Price Points to a Weaker Second Half
The positive 2017 first-half profit alert from no-moat Yanzhou Coal is within expectations, with profit rebounding on higher coal prices. However, the company’s guidance for net profit under PRC GAAP of CNY 3.2 billion suggests a slight 10% sequential net profit decline, to about CNY 1.5 billion, in the second quarter, amid softening coal prices. With the commencement of commercial operation at its Shilawusu and Yingpanhao coal mines, Yanzhou saw strong 19% year-over-year growth in self-produce...
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