PRC Metals & Mining
类型：行业研究 机构：花旗环球金融有限公司 研究员：Aaron Ge 日期：2012-07-11
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The supply-side reaction — Finally, some Shanxi-based coking coal minersdecided to cut output last week amid delayed payment by end-users and highinventories. Risks of short-selling Chinese coking coal stocks is high now as 1)supply-side reaction may limit the price downside in the near-term, and 2)valuations are close to previous lows in 2008 on PE and EV/reserve, suggestingnegatives are largely priced in. We reiterate our Buy (1H) rating on Hidili for itsimproving near-term outlook
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