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RTNominal up2.220 +0.060 (+2.778%)

26/08/2019 17:45

{I-bank focus}JP Morgan lowers China Coal (01898) to HK$3.3

[ET Net News Agency, 26 August 2019] J.P. Morgan lowered its target price for China
Coal Energy (01898) to HK$3.3 from HK$4 and maintained its "neutral" rating.
The research house said China Coal's 1H net profit may account for 85% of FY2019
consensus, and JPM's full-year earnings estimate is 8% above consensus.
It believes China's coal supply-demand balance will be much looser in 2H than in 1H,
given that China's coal supply has largely normalized after the major mining accident in
1Q. The latest NBS data in July show that China's raw coal production growth increased to
>10% versus almost no growth in 1H.
Also, overall coal demand should remain weak due partly to strong hydro displacement and
weak overall power demand. From a seasonality standpoint, September and October coal
demand have historically fallen 11% and 8% mom, respectively. JPM believes this could be
the trigger of a coal price decline this year. (KL)

Remark: Real time quote last updated: 07/04/2020 17:59
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