Coal (01733) with a "neutral" rating and a target price of HK$1.2.
It believes Winsway's earnings will likely come off from its 2011 peak more severely
than coking coal prices, driven by decreased coking coal prices, a squeezed GP margin and
low transaction volumes in the current stagnant market.
Hence, Credit Suisse believes the current share price is fair given the deteriorated
earnings of Winsway. (KL)