Morningstar

Morningstar, Inc.

Equity Bottom-Up

<p>Driven by stronger-than-expected coal-chemical performance, China Coal’s third quarter slightly beat our expectations, with net profit rising 86% to CNY 1.4 billion under PRC GAAP, implying flat sequential performance. Production ramped up at the company’s core olefin projects, coinciding with stronger prices, raising chemical segment profit in the first three quarters. However, the 2% decline in gross margin suggests this business is still facing challenges when it comes to alleviating cost…</p>

China

China Coal Energy Company Limited mines and processes coal products. The Company produces thermal coal and coking coal products. China Coal Energy also conducts coal chemicals production, coal mining equipment manufacturing, pit mouth power generation, and coal mine design businesses.

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