reports
CHINA COAL presents increased market risk and shows a lower rating of ...
The independent financial analyst theScreener just requalified the risk of CHINA COAL (HK), active in the Coal industry. As regards its fundamental valuation, the title receives a new star(s) and now shows 3 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and can be qualified as risky. theScreener considers that these elements lead to an overall rating downgrade to Slightly Negative while the title remains exposed to strong pressure. As of the analysis date Apri...
- Neo Chen Wentao
- Sandra Huang Jieqiong
Coal - Valuation recovery of leading coal names.
China domestic coal prices held up well during the low-demand season. In August, raw coal production growth slowed while thermal power generation stabilised. We believe more stringent safety checks at coal mines before the national holiday and the 25-day Daqin Railway maintenance work should support coal prices in the short term before triggering a valuation recovery. Maintain MARKET WEIGHT on the coal sector. We have BUY ratings for China Shenhua, China Coal and Yanzhou Coal.
- Neo Chen Wentao
- Sandra Huang Jieqiong
Coal - 1H19 results round-up: Leaders show resilience amid headwinds.
Chinese coal names posted relatively stable 1H19 results, with the leaders showing resilience in terms of ASP and sales volumes during the downcycle, partially supported by the long-term contract pricing system. Shenhua strengthened its cash position, Yanzhou Coal declared record-high interim dividends, and China Coal’s results were upbeat on production ramp-up. Looking ahead, we remain cautious on coal prices, while a re-rating opportunity is emerging from stable earnings and cheap valuations...
- Jennifer Song
Morningstar | China Coal's 1Q In Line; Coal Production Expansion in 20...
No-moat-rated China Coal’s first quarter saw net profit well within expectations and largely flat at CNY 1.7 billion under IFRS. The commercial start of production of two coal mines in Inner Mongolia last November boosted output by 43%, offsetting coal price weakness and cost inflation. With visible coal projects in the pipeline, we think strong coal mining capacity growth will be the key highlight for China Coal in the coming three years. However, our bearish coal price outlook is unchanged. ...
- Jennifer Song
China Coal's 1Q In Line; Coal Production Expansion in 2019-21 a Key Hi...
No-moat-rated China Coal’s first quarter saw net profit well within expectations and largely flat at CNY 1.7 billion under IFRS. The commercial start of production of two coal mines in Inner Mongolia last November boosted output by 43%, offsetting coal price weakness and cost inflation. With visible coal projects in the pipeline, we think strong coal mining capacity growth will be the key highlight for China Coal in the coming three years. However, our bearish coal price outlook is unchanged. ...
- Jennifer Song
Morningstar | Impairment Drove China Coal’s 4Q Net Loss; Coal Produc...
China Coal’s full-year 2018 net profit of CNY 4.5 billion includes a loss-making fourth quarter, driven largely by a CNY 1.1 billion non-cash impairment. Core operating performance was decent, with coal production volume rising 21% year over year in the fourth quarter, following the commercial start of production of two coal mines in Inner Mongolia in November. With visible new coal projects in the pipeline, we think strong coal production growth of 30% will be a key highlight for China Coal i...
- Jennifer Song
Morningstar | Impairment Drove China Coal’s 4Q Net Loss; Coal Produc...
China Coal’s full-year 2018 net profit of CNY 4.5 billion includes a loss-making fourth quarter, driven largely by a CNY 1.1 billion non-cash impairment. Core operating performance was decent, with coal production volume rising 21% year over year in the fourth quarter, following the commercial start of production of two coal mines in Inner Mongolia in November. With visible new coal projects in the pipeline, we think strong coal production growth of 30% will be a key highlight for China Coal i...
- Jennifer Song
Impairment Drove China Coal’s 4Q Net Loss; Coal Production Expansion...
China Coal’s full-year 2018 net profit of CNY 4.5 billion includes a loss-making fourth quarter, driven largely by a CNY 1.1 billion non-cash impairment. Core operating performance was decent, with coal production volume rising 21% year over year in the fourth quarter, following the commercial start of production of two coal mines in Inner Mongolia in November. With visible new coal projects in the pipeline, we think strong coal production growth of 30% will be a key highlight for China Coal i...
- Jennifer Song
Morningstar | VAT Cut Is a Positive to Chinese Coal Producers; While O...
China will lower the value-added tax, or VAT, rates as part of a CNY 2 trillion cost cut package to support the slowing economy and tariff dispute with the U.S. This favors Chinese coal producers, who will enjoy a 3% VAT rate cut to 13% on domestic coal production. We expect the VAT rate cut to boost net profits by 4%-10% for the major coal producers we cover, after taking into account the cost-side VAT rate cuts. Among these, we think China Coal is best positioned to benefit with estimated 8%-1...
- Jennifer Song
VAT Cut Is a Positive to Chinese Coal Producers; While Our Bearish Coa...
China will lower the value-added tax, or VAT, rates as part of a CNY 2 trillion cost cut package to support the slowing economy and tariff dispute with the U.S. This favors Chinese coal producers, who will enjoy a 3% VAT rate cut to 13% on domestic coal production. We expect the VAT rate cut to boost net profits by 4%-10% for the major coal producers we cover, after taking into account the cost-side VAT rate cuts. Among these, we think China Coal is best positioned to benefit with estimated 8%-1...
- Jennifer Song
Morningstar | China Coal’s Positive Profit Points to a Loss-Marking ...
China Coal’s preliminary full-year 2018 profit guidance of CNY 4.4 billion to CNY 4.8 billion implies a net loss of CNY 0.3 billion to CNY 0.7 billion in the fourth quarter, which is slightly disappointing despite in line coal and chemical production outputs. We think the 8.8% year-over-year decline in QHD 5,500 kcal spot coal prices wasn’t enough to drive a net loss in the fourth quarter, but other factors such as rising unit production costs, inventory impairments, and falling coal-chemica...
- Jennifer Song
Morningstar | China Coal’s Positive Profit Points to a Loss-Marking ...
China Coal’s preliminary full-year 2018 profit guidance of CNY 4.4 billion to CNY 4.8 billion implies a net loss of CNY 0.3 billion to CNY 0.7 billion in the fourth quarter, which is slightly disappointing despite in line coal and chemical production outputs. We think the 8.8% year-over-year decline in QHD 5,500 kcal spot coal prices wasn’t enough to drive a net loss in the fourth quarter, but other factors such as rising unit production costs, inventory impairments, and falling coal-chemica...
- Jennifer Song
China Coal’s Positive Profit Points to a Loss-Marking Fourth Quarter
China Coal’s preliminary full-year 2018 profit guidance of CNY 4.4 billion to CNY 4.8 billion implies a net loss of CNY 0.3 billion to CNY 0.7 billion in the fourth quarter, which is slightly disappointing despite in line coal and chemical production outputs. We think the 8.8% year-over-year decline in QHD 5,500 kcal spot coal prices wasn’t enough to drive a net loss in the fourth quarter, but other factors such as rising unit production costs, inventory impairments, and falling coal-chemica...
- MarketLine Department
Green Leader Holdings Group Ltd - Mergers & Acquisitions (M&A), Partne...
Summary Marketline's Green Leader Holdings Group Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Green Leader Holdings Group Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive...
- Jennifer Song
Morningstar | China Coal’s 3Q Slightly Beats on Better-Than-Expected...
Driven by stronger-than-expected coal-chemical performance, China Coal’s third quarter slightly beat our expectations, with net profit rising 86% to CNY 1.4 billion under PRC GAAP, implying flat sequential performance. Production ramped up at the company’s core olefin projects, coinciding with stronger prices, raising chemical segment profit in the first three quarters. However, the 2% decline in gross margin suggests this business is still facing challenges when it comes to alleviating cost...
- Jennifer Song
Morningstar | China Coal’s 3Q Slightly Beats on Better-Than-Expected...
Driven by stronger-than-expected coal-chemical performance, China Coal’s third quarter slightly beat our expectations, with net profit rising 86% to CNY 1.4 billion under PRC GAAP, implying flat sequential performance. Production ramped up at the company’s core olefin projects, coinciding with stronger prices, raising chemical segment profit in the first three quarters. However, the 2% decline in gross margin suggests this business is still facing challenges when it comes to alleviating cost...
- Jennifer Song
China Coal’s 3Q Slightly Beats on Better-Than-Expected Coal-Chemical...
Driven by stronger-than-expected coal-chemical performance, China Coal’s third quarter slightly beat our expectations, with net profit rising 86% to CNY 1.4 billion under PRC GAAP, implying flat sequential performance. Production ramped up at the company’s core olefin projects, coinciding with stronger prices, raising chemical segment profit in the first three quarters. However, the 2% decline in gross margin suggests this business is still facing challenges when it comes to alleviating cost...
- Jennifer Song
Morningstar | China Coal Beats on Higher Coal Trading Volume and Impro...
No-moat-rated China Coal’s strong first-half result, with recurring net profit rising 54% year over year to CNY 3.4 billion, came in above our expectations. The higher-than-expected earnings were boosted by a sharp 70% increase in coal trading volume, compared with 9.9% growth for the country as whole. We estimate that this, along with increased sales at its coal-chemical segment following the start of the Mengda engineering plastics project, contributed more than 80% of the increment of the c...
- Jennifer Song
Morningstar | China Coal Beats on Higher Coal Trading Volume and Impro...
No-moat-rated China Coal’s strong first-half result, with recurring net profit rising 54% year over year to CNY 3.4 billion, came in above our expectations. The higher-than-expected earnings were boosted by a sharp 70% increase in coal trading volume, compared with 9.9% growth for the country as whole. We estimate that this, along with increased sales at its coal-chemical segment following the start of the Mengda engineering plastics project, contributed more than 80% of the increment of the c...
- Jennifer Song
China Coal Beats on Higher Coal Trading Volume and Improving Chemical ...
No-moat-rated China Coal’s strong first-half result, with recurring net profit rising 54% year over year to CNY 3.4 billion, came in above our expectations. The higher-than-expected earnings were boosted by a sharp 70% increase in coal trading volume, compared with 9.9% growth for the country as whole. We estimate that this, along with increased sales at its coal-chemical segment following the start of the Mengda engineering plastics project, contributed more than 80% of the increment of the c...
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