M Stanley Expects Coal Prices to Continue Rising in Second Quarter; Rates CHINA SHENHUA ENERGY Overweight
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Morgan Stanley's report indicates that CHINA SHENHUA ENERGYexperienced an 11% YoY and 23% QoQ decline in net profit for 1Q26, aligning with market expectations. Despite a 4% YoY drop in average coal prices, third-party coal sales rose by 21% YoY, increasing sales costs. The company has raised its capital expenditure budget from RMB38 billion to RMB56 billion. Morgan Stanley expects coal prices to rise in Q2 due to reduced imports, geopolitical tensions, and increased domestic demand, maintaining an Overweight rating with a target price of HKD53.6.
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