Yancoal Australia (3668 HK) – Confirmation of Price Cap and Volume to Remove Overhang
Yancoal confirmed this morning that a coal price cap advised by the New South Wales (NSW) Government will be effective for 15 months (1 Apr 2023 to...
382 Views
Yancoal Australia (3668 HK) – Thermal ASP in 4Q continued to beat benchmark
Yancoal achieved thermal coal ASP of A$430/t in 4Q22 (+121% YoY) which is higher than API5 price (the major benchmark of 5500kCal; +32% YoY).
525 Views
Yancoal Australia (3668 HK) – 3Q Thermal Coal ASP Way Above Benchmark
We are surprised that Yancoal achieved thermal coal ASP growth of 226% YoY (39% QoQ) in 3Q22, which is way above the API5 price
331 Views
Yancoal Australia (3668 HK) – Further risk reduction after prepayment of US$1bn debts
We estimate the prepayment will not hinder Yancoal from achieving 50% dividend payout ratio this year, given the strong free cash flow (~A$4bn...
261 Views
Yancoal Australia (3668 HK) – Scarcity Value yet to Be Explored; Resume Coverage with BUY
We expect a resilient demand for seaborne coal as many countries have put energy security top of the priority, while the coal supply has remained...
311 Views