NewsAftermarketcloseonMarch25,CIMCreported2013netprofitofRmb2.18bn(+12%yoy)thatcameinsignificantlyaboveours/BloombergconsensusforecastsofRmb1.25bn/1.51bn.However,thesurprisewasmainlyfromone-offsecuritiesassetdisposalgainsin4Q2013(Rmb570mn),FXgainsin2013(Rmb72mn)andhigher-than-expectedcapitalizedinterestsin2013(Rmb339mn).Whiletop-linegrowthin2013cameinslightlystronger(+7yoy%vs.GS...

StrongFY13netprofitbeatingUBSeandconsensusChinaShenhuareportedFY13netprofitofRmb45.1bn(EPSRmb2.27),down8%YoY,10%aboveUBSeofRmb40.8bn(EPSRmb2.05),and3%aboveconsensusofRmb43.6bn(EPSRmb2.24).Thebeatisduetobetter-than-expectedASP.Coaloutputwasup5%YoYto318mt,in-linewithUBSebutcoalsaleswas515mt,11%higherthanUBsewithmorethirdpartycoalsales.Poweroutputwasup9%YoY...