外行报告,大家觉得好,请给点加分支持!谢谢
【出版时间及名称】:20100118 China: Metals & Mining: Coal
【作者】:Goldman Sachs
【文件格式】:PDF
【页数】:8
【目录或简介】:
Equity weakness due to contract settlement uncertainty According to recent media reports from Sina.com and Bloomberg, annual thermal coal contract negotiations have largely concluded with a Rmb30/t increase for Shenhua Energy and China Coal, or a 5.5% yoy increase to Rmb570/t (at Qinhuangdao incl. VAT), with potentially lower contract volume signed yoy but no further details were reported. Shenhua Energy and China Coal, the two main contract names (Shenhua 71% and China Coal 80% 2010E domestic contract), share prices have pulled back 10% and 15% from their recent highs respectively, underperforming the H share market by 3ppt and 7ppt accordingly.