129834110994952500_26The 1th page: pilot carbon trading started 10 in seven provinces in related stocks will benefit from (unit) 2nd page: CITIC Securities: demand market of coal stocks may be in sight at the bottom (stock-pickers) 3rd: GF: coal stocks are attractive valuations (stock-pickers) 4th page: shenyin wanguo: coal price fluctuations do not concern this month a quarterly bulletin (stock-pickers) 5th page: 10 large by effect unit value analysis: Orchid branch create 6th page: 10 large by effect unit value analysis: Lu Ann ring can 7th page: 10 large by effect unit value analysis: JI in the energy 8th page: 10 large by effect unit value analysis: country cast xinji 9th page: 10 large by effect unit value analysis: yongtai energy 10th page: 10 large by effect unit value analysis: mountainCoal international 11th page: 10 largest affected stocks value analysis: China Shenhua's 12th page: 10 largest affected stocks value analysis: the 13th page of panjiang shares: 10 largest affected stocks value analysis: 14th in yangquan coal industry pages: 10 largest affected stocks value analysis: Yanzhou coal industry see: real time energy industry groups Editor's Note: the State CouncilLIU Yanhua, Vice Minister, Ministry of science and technology original recently presented by the International Association of economic development in China "2012-the first session of the new industry development forum," said, at present, the national development of Beijing, Tianjin, Chongqing, Hubei, Guangdong, Shanghai and six provinces pilot carbon emissions trading has already started, the pilot step up the formulation of local carbon emissions in absolute amount and strength of the two indicators programme, And to establish within their respective regional emissions trading systems.
����Carbon emissions trading pilot started on what effect the two cities, financial channels of the heat unit selected for you out of the 10 are expected to benefit from the stock, vast numbers of investors. CICC: coal sector support the short term but momentum limited (stock-pickers) investment Tip: easing expected for plateProvide some support, but macro and industry fundamentals remain weak, and substantive intensity of loosening limited, stocks rebound is expected out of power. Underestimate the value of choice on the configuration and performance assurance, China Shenhua (601,088), if the easing-Bloomberg, may concern some performance supporting high-beta stocks, such as Orchid studies (600,123), yangquan coal(600,348) and Yanzhou coal industry (600,188).
����H-shares continued to hold China Shenhua, bargain-Yanzhou coal industry or hidili industry. Reason: China easing is expected to heat up again, but the expected limited. Recent Central Bank official said on the total amount of positive attitude relaxation, coupled with the devaluation led to a future Exchange againDrop market expectations of lower deposit reserve ratio has been heating up. But strong, CPI-season pick-up of credit information in March, March, State-owned enterprises profit improvement, HSBC in April China's PMI index of previewed from the rebound, indicates that the probability of a significant relaxation of monetary policy in the near future is unlikely. According to the Ministry of railways announced, completed investment fell in the 1 quarter of 60.9%,Recent railway projects the gradual resumption of pull (March return rate has reached 80%), completed in March investment substantially improved, before the full year are expected to render low-high trend, contribution to future infrastructure investment on fixed assets investment will increase, real estate regulatory policy is difficult to relax, growth in real estate investment will continue to decline, fixed-asset investment growth will continue to slow. Overall, Fixed-asset investment growth stimulating effect on the economy weakened, but lively and strong economic growth, is expected to keep easing expected in the short term, but limited intensity of loosening. United States economy continuing moderate recovery, European debt problems but short-term risk free. United States 1 better-than-expected quarterly profits of listed companies, market sentiment has been warmed up, but the recent United States announce the amount of housing distributionMacro data such as sales and jobs are lower-than-expected showing recovery process is still more twists and turns.
����Last week Spain bond market yields raised concerns about European debt crisis worsened, but better-than-expected to subscribe to that market for European control of the situation is not yet completely lost confidence in short-term risk to be disposed. Industry fundamentals remain weak, thermal coal prices rebounded slightly but the momentum hasLimit, there is still downward pressure on coking coal and anthracite. Due to the limited growth in demand for electricity (March-day moving average generating capacity of 13.1 billion kWh, an increase of 6%, rose 2.6%
wow cd-key, average daily thermal generating capacity is 11 billion kWh, an increase of 5.5%, rose 1.4%), end of da-Qin line maintenance and power plant inventories remainHigh, lower enthusiasm for power plant coal purchase reduced power coal price of power is limited. Despite season of iron and steel industry (March average daily crude steel output in 1.986 million tons, an increase of 3.6%, rose 3.1%) provides some support for coking coal prices, warmer but demand continued to be observed. In the case of imports of coking coal prices remained lower than the domestic, coking coal pricesThere is still a downward pressure.
����Agricultural fertilizers coal peak season has passed (March national urea output 2.377 million tons, down 2%), anthracite prices will continue to be adjusted slightly. Valuation and recommendation: a share sort: preferred China Shenhua, waiting for the Orchid, yangquan coal industry and the involvement of Yanzhou coal mining after the callback a chance. China Shenhua growth stabilizedHealth
SWTOR Credits, valuations are still attractive, 2012 PE 11.2 times times.
����Lanhua daning coal mine production will ensure that rapid growth performance, ensure long-term growth, 2012 13 times times P/E. Yangquan coal production will grow steadily, assets into a large space, have a certain margin of safety is still the current valuation, 2012 P/E of 15.3 times. YanzhouLong-term growth of the coal industry fully, GCL significantly acquisition synergies, Australian resources tax effects less than expected, as the economy gradually stabilised and headroom for future profits, 2012 PE 15.8 times times. Limited h shares are expected to fall, bargain involved large medium-and long-term growth potential of Yanzhou coal industry or hidili, continue to hold China Shenhua. Yanzhou coalShort faced a certain amount of pressure, but in the long term growth point fully, GCL significantly acquisition synergies, Australian resources tax effects less than expected, as the economy gradually stabilised high spot will make its full benefits, 12-18 months in coal of Yanzhou coal mining in three dynamic room maximum, current stock price has basically reflected the decline of risk, 2012 PE only8.5 times, as three coal power companies the minimum. Hidili industry production growth determined and strong
wow power leveling, 2011-2015 compound growth rate is expected to reach 25% shares has basically reflected the decline risks, 2012 PE 5.7 times times, it is recommended that gradually involved in the callback, company convertible bonds due to financing proposal and clean coal-related charges in Guizhou province. Chinese godsChina production realization of commercial coal yield 79.1 million tons in the first quarter, an increase of 12.4%, is expected to cost price/rose 5%/8%, profits rose by about 15%. 2012 production is expected to more than guidelines, integration of effective hedging risks of coal prices, has the characteristics of both attack and defense, 2012 PE 11.2 times times. China coal(601,898) realization of coal production of 28.8 million tons of goods in the first quarter, an increase of 11%, is expected to cost price/rose 3%/8%, profit per cent 9.6%.
����Stock short term trend will continue to consolidate, need to wait on a project or assets into the catalyst. Risks: economic slowdown than expected; easing the rhythmThan expected; repeated the European debt crisis. (Gold Company Research Department)
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