Contents
Further earnings cuts on marking to market ASPs 4
Current valuations overlooking 4Q rebound/ 2013 normalization 7
Assets-backed valuation implies limited downside for cement/coal 9
What if no demand rebound in 4Q? 12
Rating and target price changes 14
Coal: prices likely to remain weak after recent sharp fall 16
Yanzhou Coal (Neutral): Most vulnerable to spot market weakness 20
Disclosure Appendix 23