Page: 108 (PDF)
Table of Contents:
Investment summary…………………………………………………….. 4
Well-supplied in China…………………………………………………… 9
Ease of transportation bottlenecks………………………………….. 23
Positive on long-term picture…………………………………………. 29
Looking for long-term value……………………………………………37
DCF-based valuation……………………………………………………. 45
China Shenhua Energy…………………………………………………. 53
Investment thesis……………………………………………………….. 55
Top coal producer in China……………………………………………. 56
Appendix A: company profile…………………………………………. 65
Appendix B: financials………………………………………………….. 67
China Coal Energy………………………………………………………. 71
Investment thesis……………………………………………………….. 73
The value laggard……………………………………………………….. 74
Appendix C: company profile…………………………………………. 82
Appendix D: financials…………………………………………………..84
Yanzhou Coal…………………………………………………………….. 87
Investment thesis……………………………………………………….. 89
Yanzhou – Over-excitement…………………………………………… 90
Appendix E: Company profile………………………………………….97
Appendix F: Financials…………………………………………………100