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Page: 103
Table of Contents:

Investment Thesis        P.3
Share price analysis and valuation   P.4
Sector positives   P.11
(Robust demand, consolidation and MA activity stepping up, etc.)
Sector concerns  P.15
(China's coal and power conflict, Impact of a Chinese hard landing, etc.)
China Coal Markets   P.17
(Demand, Supply, Pricing, Trade, Rest of Asia, JP Morgan China Coal Supply Demand Model, etc.)
Key coal charts   P.25
Companies P.28
(China Shenhua, Yanzhou Coal Mining, etc.)