CMBI Research Focus List (November Edition) – Our best high conviction stock ideas
In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...
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Yancoal Australia (3668 HK) – 3Q Thermal Coal ASP Way Above Benchmark
We are surprised that Yancoal achieved thermal coal ASP growth of 226% YoY (39% QoQ) in 3Q22, which is way above the API5 price
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Yancoal Australia (3668 HK) – Further risk reduction after prepayment of US$1bn debts
We estimate the prepayment will not hinder Yancoal from achieving 50% dividend payout ratio this year, given the strong free cash flow (~A$4bn...
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Yancoal Australia (3668 HK) – Scarcity Value yet to Be Explored; Resume Coverage with BUY
We expect a resilient demand for seaborne coal as many countries have put energy security top of the priority, while the coal supply has remained...
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Yancoal Australia Placement - Cleanup Sale by Glencore Now the Ball Is in Yankuang Court
Glencore is looking to raise US$293m (A$422m) from selling its stake in Yancoal Australia (YAL AU). This would be a clean up sale.
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