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RTNominal down1.890 -0.090 (-4.545%)

09/01/2020 10:17

{I-bank focus}Goldman lowers China Coal (01898) to "sell"

[ET Net News Agency, 9 January 2020] Goldman Sachs lowered its target price for China
Coal (01898) to HK$2.5 from HK$4.6 and downgraded its rating to "sell" from "buy".
The research house revised its earnings estimates for China Coal by +22% for 2019, +29%
for 2020, and +58% for 2021 to reflect the updated coal price assumptions. Goldman expects
the domestic coal market to remain balanced in the coming years, yet QHD5500 coal spot
price to soften by 2.2% in 2020 for China, followed by an improvement in 2021, partly
affected by seaborne prices.
With the cost position at industry average and high thermal coal exposures, China Coal
faces more challenges in the long-run than its peers in the context of risk of potential
lower coal prices and contracting volume, Goldman said. (KL)

Remark: Real time quote last updated: 22/05/2020 17:58
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