What’sNew3Q12netprofitoftheCompanydecreased28.6%yoytoRMB1.90bn.However,9M12netprofithasalreadyachieved86%ofouroriginalFY12estimatednetprofit.CatalystWorse-than-expectedASPs.3Q12domesticASPsofself-producedspotcoalandlong-termcontractcoaldown26.3%andincreased8.3%yoy,respectively.BothASPsarelowerthanouroriginalassumptions.Increasedsalesoflong-termcontractcoaltomaintainprofit...
LossofRmb79.6m,AustralianproductioncontinuestorampupYanzhouCoalreportedQ312netlossofRmb79.6m(EPS–Rmb0.02),missingUBSeofRmb0.1andconsensusofRmb0.17.ExcludingforexgainofRmb303.9m,recurringlossisRmb384m(Rmb-0.08).Q3and9M12saleablecoaloutputrose5.9%QoQand19.7%YoYto15.63mtand45.96mtrespectively,mainlydrivenbyrampupofYancoalAustralia.Yanzhouhasmet94%ofourFY12outputforecas...