CICC: Maintains YANCOAL AUS outperform rating with a target price of HKD 29

CICC maintains YANCOAL AUS as outperforming the industry rating, with a target price of HKD 29. It is expected that the rebound in coal prices in the second half of the year will help the company's profit recovery. Although the 2025E profit has been revised down by 11.5% to AUD 473 million, the 2026E profit remains unchanged. In 3Q25, production was 9.3 million tons, a year-on-year decrease of 9%, while sales increased to 10.7 million tons, a year-on-year increase of 3%. The coal price in 3Q25 declined quarter-on-quarter, with a cash balance of AUD 1.8 billion, and the guidance for 2025 remains unchanged