
EventWelowerourChinaCoal2013-15EEPSby17%/26%/36%onthebackof1)1-2%ASPcutin2014-15FbyfactoringinourlatestHCCpriceassumptions;andkeepourthermalcoalpriceassumptionsunchanged(QHDpriceatRMB580/RMB550/tin14/15F);2)increasein2013-15Funitcostsby3-4%duetohighertransportationcosts.WecutourDCF-basedpricetargettoHK$4.2(fromHK$5.2)andkeepourNeutralrating.Thestockhascorrectedo...