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China Great Wall Securities: Monthly coal production has significantly recovered, with high-temperature demand being realized later than the same period.
Amid the current emphasis on safe production policies, the coal supply side is expected to contract, making the sector characterized by high cash and high dividends and maintaining strong profitability.
GF Sec: Coal prices are stable with a rising trend, and short-term pressure is expected in interim report. Q3 is expected to continue the recovery.
After rising in April and May, the prices of thermal coal and coking coal fell in June. Although there is still pressure on short-term macro demand, the support for coal is still relatively obvious, mainly reflected in seasonal demand for thermal coal, low inventory of coking coal, and supply-side constraints.
Two departments issued a plan for low-carbon transformation of coal-fired power, and coal-power integration received attention.
According to the website of the National Development and Reform Commission on July 15th, in order to coordinate the low-carbon transformation of existing coal-fired units and the construction of new low-carbon coal-fired units, improve the clean and efficient utilization level of coal, accelerate the construction of a clean, low-carbon, safe, and efficient new energy system, and help achieve the goal of carbon peak and carbon neutrality, the National Development and Reform Commission and the National Energy Administration recently issued the "Action Plan for Low-Carbon Transformation and Construction of Coal-Fired Power Plants (2024-2027)".
Hong Kong stock abnormality | Coal industrial concept collectively rebounded, institutions said coal industry still maintains a tight balance state, with high dividend and high stock dividend attributes unchanged.
Coal industry concept stocks collectively rebounded. As of press time, Mongol Mining (00975) rose 4.01%, closing at HK$10.9; E-commodities (01733) rose 3.14%, closing at HK$1.64; Yankuang Energy (01171) rose 2.75%, closing at HK$10.48; China Shenhua Energy (01088) rose 2.48%, closing at HK$35.1.
Yankuang Energy Group Company Limited (HKG:1171) Shares Could Be 29% Below Their Intrinsic Value Estimate
Key Insights The projected fair value for Yankuang Energy Group is HK$14.53 based on 2 Stage Free Cash Flow to Equity Yankuang Energy Group is estimated to be 29% undervalued based on current
China Shenhua issued a profit warning, expecting a decline in performance in the first half of the year.
Due to the downward trend of coal prices, China Shenhua (01088) issued a profit warning yesterday, with a downward trend in mid-term profits and a sharp drop in stock prices, falling by more than 6%, making it the worst-performing blue chip in intraday trading. The coal sector also fell as a whole, with Yankuang Energy (01171) falling 4.5% in early trading; its subsidiary Yancoal Australia (03668) fell 2.2%; China Coal (01898) fell 4.9%; Shougang Res (00639) fell 2.8%. The group stated that based on preliminary estimates, the mid-term profit as of the end of June is expected to be between 31.8 billion and 33.8 billion yuan, a year-on-year decrease of 8.4% to 13.8%.
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