[ET Net News Agency, 17 September 2018] Credit Suisse trimmed its target price for
China Coal Energy (01898) to HK$2.5 from HK$3.7, and downgraded its rating to
"underperform" from "neutral" given the company's earnings are very susceptible to lower
coal price.
With limited potential for newly added capacity, the research house expects China Coal
Energy's earnings are more susceptible to coal price fluctuation. It tweaked China Coal
2018-20 earnings forecasts by +8%/-19%/-30%, to reflect its latest coal price assumptions.
Credit Suisse forecast coal production to grow at 3.5% and 3% in 2018 and 2019,
respectively, on the back of the Chinese government's aim to bring more coal capacities.
With decelerating coal-demand growth, coal price should be weighed down and hence, China
Coal's profitability. (KL)
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01898 CHINA COAL
Nominal 
7.650 -0.160 (-2.049%) Others
17/09/2018 10:19
[I-bank focus]CS downgrades China Coal (01898) to HK$2.5
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