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Citibank: China Shenhua Energy's net income in the first quarter was below expectations, maintaining a "Buy" rating.
Citigroup released a Research Report indicating that China Shenhua Energy (01088) had a Net income of 13.4 billion yuan in the first quarter, a year-on-year decline of 25%, but an increase of 13% compared to the previous quarter. This is equivalent to 24% of the bank's and market's forecast for the annual Net income, which is below expectations, mainly due to unit gross margins and self-produced coal sales being lower than anticipated. The bank maintains a Target Price of HKD 32.7 for China Shenhua Listed in Hong Kong and retains a "Buy" rating. Excluding one-time expenses, the company's quarterly core Net income is estimated to be 12.8 billion yuan, a year-on-year and quarterly decline of 30% and 10% respectively. The quarterly gross margin is 21.3 billion yuan, a year-on-year and quarterly drop of 22% and 12% respectively.
Citigroup: China Shenhua Energy (01088) first quarter Net income is below expectations, maintaining a "Buy" rating.
Excluding one-time expenses, the company's quarterly core Net income is estimated to be 12.8 billion RMB, down 30% year-on-year and 10% quarter-on-quarter.
China Shenhua Energy: Lower Revenue From Electricity Sales Also Hurt Results >1088.HK
China Shenhua Energy 1Q Rev CNY69.59B Vs. CNY87.65B >1088.HK
China Shenhua Energy: Results Weighed by Fall in Selling Prices of Coal >1088.HK
China Shenhua Energy 1Q Net CNY13.37B Vs. Net CNY17.76B >1088.HK
