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<Research>UBS Expects Limited Potential for Sustained Surge in CN Coal Prices, Rates YANKUANG ENERGY (01171.HK) at Sell
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UBS' research report quoted Chinese coal trade experts' prediction as expecting that the price of thermal coal in China for 2026 will be RMB750-800 per ton. The opportunity for price upside is concentrated in the May-June summer restocking window, when procurement may be affected by high international energy prices and fluctuations in Indonesian supply. In a tight supply scenario, prices may briefly test RMB900 per ton, but, considering China's rapid response policy coordination capabilities, the potential for sustained surges is limited. UBS now set its target prices for CHINA SHENHUA (01088.HK)'s A-/ H-shares at RMB48.6/ $48, with ratings at Neutral. Moreover, the broker kept ratings at Sell for YANKUANG ENERGY (01171.HK)/ SHAANXI COAL IND (601225.SH), with target prices of $11.4/ RMB22.8, as current stock prices have already factored in the fundamentals in advance. AASTOCKS Financial News Website: www.aastocks.com |
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