Contents
Coal roads lead to Asia 3
We believe the ongoing theme of rising coal consumption in Asia will continue to
fuel price increases over the long term. Other trends that should support coal
pricing are increased consolidation in China, rising costs and the potential for
Chinese imports.
3
China: consolidation, costs and imports 3
Growing domestic coal needs in Indonesia and India 8
Price upside in the long term, stability in the short term 9
Overweight Chinese coal stocks 13
Company profiles 17
China Shenhua Energy 18
China Coal Energy 26


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