In 2008, the company reported operating revenue of Rmb1.855bn (-25.72% yoy), total profit of Rmb232mn (-63.04% yoy), net profit attributable to parent of Rmb423mn (-89.05% yoy) and diluted EPS of Rmb0.11.
2009-2010E EPS are estimated at Rmb0.09 and Rmb0.10. Grounded on closing price of Rmb5.93 on February 27, 2009, P/E ratios are at 66x and 59x. Given that coal business is under construction and will not contribute a lot to the earning in short time; 2009 coal industry will see the status of supply over demand, thus profitability of the company can hardly witness substantial improvement, and “Neutral” rating is kept for the company.