Core Viewpoint - Yancoal Australia’s performance in the first half of the year fell short of expectations, with operating EBITDA at AUD 595 million, a year-on-year decline of 40%, and net profit at AUD 163 million, down 61% year-on-year, primarily due to higher costs and expenses [1] Group 1: Financial Performance - Operating EBITDA for Yancoal Australia was AUD 595 million, representing a 40% year-on-year decrease [1] - Net profit stood at AUD 163 million, reflecting a 61% year-on-year decline [1] - Earnings per share were AUD 0.124, which was below the expectations of the research firm [1] Group 2: Market Outlook - The company is expected to see a double-digit quarter-on-quarter increase in sales in the second half of the year as weather-related disruptions ease [1] - Coal prices have shown a recovery since June, with Australian 5500 kcal Newcastle coal prices at USD 71 and 6000 kcal prices at USD 111 as of August 15, up from the second quarter averages of USD 68 and USD 99 respectively [1] - The overall coal price is anticipated to rise in the second half due to marginal supply contraction and increased demand for stockpiling during the heating season [1] Group 3: Rating and Target Price - The research firm maintains a "outperform" rating for Yancoal Australia, with a target price reduced by 6% to HKD 29 [1]
研报掘金｜中金：兖煤澳大利亚上半年业绩低于预期 目标价下调至29港元