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HK stocks fluctuate | Yancoal Aus (03668) rises more than 4% after the Grovna metallurgical coal mine fire accident, which may cause a rise in metallurgical coal prices.
Zhichuang Finance APP learned that yancoal aus (03668) rose more than 4%, as of the press release, up 4.62% at HKD 38.50, with a turnover of HKD 16.5206 million. On the news front, a methane gas ignition at the Grovna metallurgical coal mine caused an underground fire. As it caused serious damage, it may take several months for the mine to resume operations. It is reported that the Grovna mine has an annual production capacity of 5 million tons, and produced 2.8 million tons of metallurgical coal in 2023, equivalent to 0.8% (349 million tons) of the global metallurgical coal exports in 2023. Zhongyin International published a research report.
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%.
CMB International: Maintains buy rating for Yancoal Australia (03668) with target price raised to HKD 45.
Zhaojin International predicts that, with the rise in spot prices when some contracts are repriced in the coming months, the average selling price of Yancoal Aus (03668) will increase in the second half of this year and the first half of next year.
[Brokerage Focus] CMB International raises Yancoal Aus (03668) target price by 12.5% due to rising coking coal prices pushing up its average selling price in the second half of the year.
King's Financial News | CMB International released a research report stating that Grosvenor metallurgical coal mine in Queensland, Australia (owned by Anglo American Resources [AALLN, NR]) will be shut down for several months after an underground fire at the end of June. The bank estimated that the shutdown would lead to a reduction of about 0.8% in global coking coal exports, which could cause coking coal prices to rise and become a catalyst for Yancoal Australia (03668) stock price rising. The bank expects that the higher spot price will push up Yancoal's average selling price in 2H24 and 1H25 when some coking coal contracts are repriced in the coming months. The bank will release its research report in 2024/2.
Changjiang Securities: India's industrialization begins to reshape the supply and demand pattern of black resources.
As developing countries such as India drive industrialization demand, there is expected growth in resources such as coking coal and iron ore, which have constrained supply, reshaping the long-term supply-demand landscape.
HK stocks rose abnormally today. Coal industrial concepts are rising again. Coal H shares have recently reached the ex-dividend and ex-rights date. Institutions say that the sector's filling and withholding situation is expected to be repeated.
Coal industry stocks rose again. As of press time, Southgobi (01878) rose 15.65% to HKD 3.62; Mongol Mining (00975) rose 6.03% to HKD 9.5; Yancoal Aus (03668) rose 6% to HKD 36.2; China Shenhua Energy (01088) rose 4.17% to HKD 37.45; Yankuang Energy (01171) rose 1.97% to HKD 11.38.
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