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Open Source Securities: Q3 performance improved on a quarter-on-quarter basis, coal dual logic four main line layout.
In the current slow economic recovery and low interest rate environment, funds pay more attention to the certainty of investment returns, with coal's high dividends and sustainability aligning with capital allocation preferences.
China Shenhua Energy Reports Q3 Results
The net profit of the top three coal giants declined overall in the first three quarters, with the leader Shenhua seeing a double increase in net profit in the third quarter compared to the previous quarter. | Interpretations
①Affected by the downward trend of coal prices, the performance of coal listed companies in the first three quarters generally declined, but with differentiated performance in Q3; ②Regarding the future trend of coal prices, the industry generally believes that there is hope for a recovery after hitting the bottom, but the magnitude of the increase is limited.
Citi: Maintains a 'buy' rating on China Shenhua Energy (01088) with a target price of HK$41.4.
China Shenhua Energy (01088) saw a 4% year-on-year drop in net profit in the first nine months, reaching 84% of both the market and the bank's full-year forecasts respectively.
China Shenhua Energy's Q3 Profit Jumps 14%
China Shenhua Energy's (HKG:1088) Earnings Growth Rate Lags the 30% CAGR Delivered to Shareholders
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