[ET Net News Agency, 29 April 2020] Credit Suisse lowered its target price for China
Coal Energy (01898) to HK$2.8 from HK$3 and maintained its "outperform" rating.
The research house said China Coal's 1Q net profit of Rmb648mn (under PRC GAAP) missed
Credit Suisse's expectations. The earnings decline was driven by lower coal and coal
chemical product prices.
But Credit Suisse expects coal price to trend up heading into the summer peak demand
season. It revised down its 2020-22 earning estimates by 38% to reflect lower coal and
coal chemical products price assumption. (KL)