Coking Coal (01733) to HK$5.7 from HK$5.4, and maintained its "buy" rating.
The house believes extensive flooding in Queensland may curb Australian coking coal
exports (Australia is the largest exporter of coking coal in the world), and boost demand
for alternative sources of coking coal, including Mongolian.
Goldman also raised its 2011 global coking coal price forecasts by 11% to US$254/ton
(from US$229/MT) on weaker production from Australia.
It estimated 2009-2012 earnings CAGR of 56%, largely driven by rising sales volumes and
rising coking coal prices. (KL)