2010年3月美国煤炭行业研究报告

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【出版时间及名称】：2010年3月美国煤炭行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：30
        【目录或简介】：
Economic recovery revives thermal coal
and stock prices
 Metallurgical coal is still the most
attractive, we believe, on high contract
prices and steel demand
 Peabody Energy remains our preferred
name on its highest metallurgical coal
exposure; we downgrade our Arch Coal
rating to N(V) from OW(V) on valuation
As winter wanes, we see sprouts of economic recovery,
which have boosted coal stocks
Strong demand for metallurgical coal has prompted coal
miners to explore the possibility of upgrading high-end
thermal coal to metallurgical coal. An example of this
development is Massey’s expanding its metallurgical coal
output to 10-12mtpa for 2010 from its previous estimate of
8-10mtpa.
The strength of metallurgical coal demand is exemplified by
steelmakers’ agreeing to a Q2 2010 price of USD200/t,
which also indicates tightness in supply. We believe that US
coal producers will try to capture part of the available market
share, and that the expectation that they will be able to
deliver has underpinned share prices.
We maintain Peabody Energy as our preferred name, as it
has the highest exposure to metallurgical coal through its
Australian operations. We are downgrading our rating on
Arch Coal to Neutral (V) on share price appreciation.
Changes to our 12-month target prices and ratings
Arch Coal (ACI.N, USD25.52), downgrade to Neutral (V)
from Overweight (V), maintain target price of USD30.
Consol Energy (CNX.N, USD53.93), reiterate Neutral (V),
increase target price to USD56 from USD50.
Massey Energy (MEE.N, USD49.56), reiterate Neutral (V),
increase target price to USD54 from USD40.
Peabody Energy (BTU.N, USD48.54), reiterate Overweight
(V), increase target price to USD60 from USD57.

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关键词：行业研究报告 研究报告 煤炭行业 行业研究 Appreciation 美国 研究报告 行业 煤炭