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Table of contents
Silence after the turbulence – our top picks: Jizhong, Lanhua, Panjiang, Lu’an, China Coal 4
2012 outlook: coal prices start low on weak demand, then rise 9
Policy environment shifting from incentives to neutral approach 12
Identifying investment opportunities in 2012 17
Valuation: Director’s Cut remains primary valuation methodology for China coal universe 24
Lanhua Sci-Tech (600123.SS): Better growth in five years; initiate as Buy 31
Panjiang (600395.SS): Lower taxes, better structure; upgrade to Buy 33
Yuanxing Energy (000683.SS): Weak earnings outlook; down to Sell 35
Disclosure Appendix 37

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