By TX Investment Consulting Co., Ltd.
- May 25, 2010
- Shanxi Lu'an Environmental Energy Development Co., Ltd.
1. 2009 production & sales amount of local four mines, exact quantity and structure of purchasing group and its subsidiaries (raw coal or salable coal);
2. Reason of production & sales amount change in 2010;
3. 2010 cost & expense plan (security expense adjustment);
4. Price status of salable coal since Q1 2010;
5. Latest progress of resource integration .......
By China Galaxy Securities Co.Ltd.
- May 25, 2010
- Datong Coal Industry Co., Ltd.
1. 2009 production & sales amount, exact sales structure (local sales proportion, export or not), corresponding price status, cost per ton and profit of local four mines;
2. 2009 production & sales amount of Tashan mine, sales structure (export or not), corresponding price status, cost per ton and profit;
3. 2010 production & sales amount, cost & .......
By TX Investment Consulting Co., Ltd.
- Apr 9, 2009
- Shandong Jinling Mining Co., Ltd.
In 2008, the company realized business turnover of Rmb1036mn (+44.27% yoy), operating profit of Rmb515mn (+54.44% yoy), net profit attributable to owners of parent of Rmb384mn (+73.36% yoy), and EPS of Rmb1.20. According to its dividend distribution plan and reserve addition & transference proposal, the company was to send 3 additional shares plus Rmb2 cash .......
By TX Investment Consulting Co., Ltd.
- Apr 8, 2009
- Mining
Influenced by downstream production recovery and the increasing demand, coal production saw ascending trend during the first two months of 2009. March production is expected to continue month-on-month increase; based on estimated month-on-month acceleration of 5%, coal production in March is 206.39mn ton and Q1 2009 coal production totals 575.29mn ton, up by 1.05% yoy .......
By China Galaxy Securities Co.Ltd.
- Apr 1, 2009
- Jiangxi Copper Company Limited
The company suffered loss of ~Rmb1.04bn in investment income and fair value changes.
Slump of copper price led to ~Rmb1.4bn deficit in high-priced raw material.
Copper smelting business is expected to profit in 2009.
Operational costs will decline to some extent.
Copper is the bellwether of basic metals, and its 2009 average price is above the cash cost.
Supposing that .......
By China Galaxy Securities Co.Ltd.
- Mar 31, 2009
- Western Mining Co., Ltd.
The company’s resource extension enjoys optimistic prospect ahead.
Capacity of mineral copper will be sharply enlarged after 2009.
Price risk of basic metals has been released.
We predict the company’s 2009-2011E EPS to be Rmb0.19, Rmb0.49 and Rmb0.78 respectively and performance will recover to grow after 2009.
Based on current share price of Rmb12.37, its 2008 P/B is 2.7x, .......
By TX Investment Consulting Co., Ltd.
- Mar 18, 2009
- Mining
1. Steam Coal: Generating capacity grows initially, and coal price maintains steady.
2. Coking coal: Price is weak to rise. Recently, the market continues the stable situation; however, its price is weak to surge due to cumbrance of sliding demand of downstream steel companies.
3. Anthracite: Fertilizer capacity recovers, and price surges.
4. Coke: Its price will probably .......
By TX Investment Consulting Co., Ltd.
- Mar 10, 2009
- Anhui Hengyuan Coal Industry & Electricity Power Co., Ltd.
Recently, we visited the company and communicated with relative employees on its business operation status. Our analysis is as follows:
The worst situation of demand probably has gone.
Benefited by government’s policy of infrastructure stimulus package, its sales volume is expected to be equal to that of the previous year.
The company’s export will be hard .......
By TX Investment Consulting Co., Ltd.
- Mar 10, 2009
- Shanxi Antai Group Co., Ltd.
The company reported turnover of Rmb6.378bn (+66.80% yoy), total profit of Rmb10.3mn (-96.76% yoy), net profit attributable to parent of Rmb12.12mn (-94.67% yoy), and diluted EPS of Rmb0.014. Besides, the company planned to distribute dividend cash of Rmb0.50 for every ten shares.
We forecast that the company’s EPS in 2009-2010E to be Rmb0.02 and Rmb0.08; based .......
By TX Investment Consulting Co., Ltd.
- Mar 3, 2009
- Wuhan Kaidi Electric Power Co., Ltd.
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. .......