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...
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