Yanzhou Coal fell 1% big row material contract coal price rises to the performance to boost the limited

Source: Internet
Author: User
Keywords Performance spot HK $
Announced the signing of the 09 key coal sales contract 4.29 million tons and recorded a small increase of 4% of Yanzhou Coal industry, H shares this morning after the fall of the favoured rebound and a one-time rise, but the share price of a half-day still fell 1.25% to 11.08 Hong Kong dollars, deal 16.48 million shares. Citic Securities commented that 4% of the focus on coal prices in the expected price range, the impact of higher tax rates on costs could be shifted, given that the company contracted coal accounted for only about 1/3 per cent, the market was relatively high, and 4% of the price of contract coal was limited to performance, which could hardly offset the adverse effects of a year-on-year sharp decline in coal prices,  Its two or three quarterly results are expected to fall sharply year-on-year. State-Ho Capital also said most of Yanzhou's products were sold on the spot market, while spot prices remained weak due to oversupply, and the net profit for the middle of 2009 was expected to fall by more than 60% over a year earlier. The market is optimistic about the prospect of spot coal prices when crude oil prices soar and inflation expectations rise, which is good for Yanzhou, because its share price is more sensitive to the trend of spot coal prices. It is still rated at a target of HK $10.9, the equivalent of 12 times times the 2010-year earnings ratio, which is expected to peak in 2008.
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