Dec 06, 2021 09:09 AM (GMT+8) · EqualOcean
CITIC Securities research pointed out that from the current coal price expectations, the performance of coal enterprises Q4 and next year is still expected to remain high. It is expected that the Q4 performance of mainstream leading listed companies may improve by 15 ~ 20% month on month, corresponding to the annual performance valuation of about 5 ~ 6 times, and the valuation is still attractive. With the gradual implementation of the long-term association policy, the market's negative expectation or basic digestion of price limit, the further release of demand in the peak season in December and the expectation of dividends from leading enterprises all contribute to the improvement of market sentiment and become a catalyst to strengthen the valuation and repair the market. Recommend China Shenhua, Shanxi controlled coal industry, Shaanxi coal industry, etc., which account for a high proportion of the annual long-term association and have advantages in valuation.