Coal stocks rose collectively. As of press release, Mongolian Energy (00276) rose 14.29% to HK$0.72; Mongolian coking coal (00975) rose 6.9% to HK$7.9; and South Gobi (01878) rose 5.23% to HK$3.82.
The Zhitong Finance App learned that coal stocks rose collectively. As of press release, Mongolian Energy (00276) rose 14.29% to HK$0.72; Mongolian coking coal (00975) rose 6.9% to HK$7.9; South Gobi (01878) rose 5.23% to HK$3.82; Yankuang Energy (01171) rose 3.09% to HK$15.36; and Yancoal Australia (03668) rose 1.2% to HK$29.4.
According to the news, Debon Securities indicated that coal prices are expected to fluctuate at a high level during the peak winter season. Port inventories continued to be depleted. As of January 19, the inventory of the nine ports in the Bohai Rim was 22.91 million tons, down 8.97% from the previous year; the Central Meteorological Observatory predicts that the first cold tide in 2024 is poised to launch. The cold tide from the 20th to the 23rd will bring severe cooling to the central and eastern regions. After reaching deep into the south, heating demand may also increase. Daily consumption is expected to rise further, and downstream stocks are still expected to be replenished before the holiday season. Looking at the medium to long term, the bank believes that the coal price center will rise further in 2024.
Furthermore, the bank expects the third quarter of 2023 to be the low point of annual performance, and industry profits will continue to grow year on year in 2024, low and high. Controlling shareholders of a number of high-quality coal companies have successively announced plans to increase their holdings, showing their confidence. High dividends in the coal sector under low capital expenditure are attractive, and with the continuous promotion of a characteristic Chinese valuation system, corporate value has received further attention from shareholders.