招商证券*港股研究*YANZHOU COAL-H(01171.HK)Better-than-expected 1Q10 earning, BUY rating*01171**石钰,邓良生

报告名称：YANZHOU COAL-H(01171.HK)Better-than-expected 1Q10 earning, BUY rating
研究员：石钰,邓良生
报告类型：港股研究*公司报告
报告日期：20100419

行业/子行业：
公司名称及代码：兖州煤业股份(01171)
投资建议：买入

【内容摘要】

Since we upgraded sector rating from "Neutral" to "recommend" by the end of March, 2010, Thermal coal sector delivered 15-20% return vs. 5% return of HSI and 8% return of HSCEI. How far it can go? We believe the momentum and strong fundamental can still provide 20-30% return for 2010. Yanzhou Coal is our top pick due to 1) Earnings contribution from Felix;2) high exposure of spot coal sales; 3) information disclosure transparency. We believe its 1Q10 earning will serve as an upside catalyst, providing short term trading opportunity. Target price is HKD 25.00(14X2010EPS). Buy rating.

【摘要结束】