tue930 yanzhou - china shenhua

7/29/2019 Tue930 Yanzhou - China Shenhua

1/25

Yanzhou Coal Mining (RMB'000)

Short-term solvency ratios

Current ratio 14,994,397/ 5,296,991

= Current assets/ Current liabilities = 2.8307 times

Quick ratio (14,994,397 - 819,599)/ 5,296,991

= (Current assets - Inventory)/ Current liabilities = 2.6760 times

Activity ratios

Total asset turnover 24,903,081/ [(32,338,631 + 26,187,400)/ 2]

= Total operating revenues/ Average total assets = 0.8510 times

Receivables turnover 24,903,081/ [(2,977,266 + 2,753,485)/ 2]

= Total operating revenues/ Average receivables = 8.6910 times

Average collection period 365/ 8.6910

= Days in period/ Receicables turnover = 41.9975 days

Inventory turnover 12,451,588/ [(819,599 + 440,134)/ 2]

= Cost of goods sold/ Average inventory = 19.7686 times

Days in inventory 365/ 19.7686

= Days in period/ Inventory turnover = 18.4636 days

Financial leverage ratios

Debt ratio 5,522,021/ 32,338,631

= Total debt / Total Assets = 0.1708 times

Debt-equity ratio 5,522,021/ 26,816,610

= Total debt / Total Equity = 0.2059 times

Equity multiplier 32,338,631/ 26,816,610

= Total Asssets / Total Equity = 1.2059 times

Interest coverage 8,903,588/ 38,360

= Earning before interest and taxes / Interest = 232.1060 times

Profitability ratios

Net profit margin 6,479,611/ 24,903,081

= Net Income / Total operating revenue = 26.0193%

Financial Ratios20


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Gross profit margin 8,903,588/ 24,903,081

= EBIT / Total operating revenue = 35.7530%

Net return on assets 6,479,611/ [(32,338,631 + 26,187,400)/ 2]

= Net Income / Average Total Assets = 22.1427%

Gross return on assets 8,903,588/ [(32,338,631 + 26,187,400)/ 2]

= EBIT / Average Total Assets = 30.4261%

Return on equity (ROE) 6,479,611/ [(26,816,610 + 21,488,612)/ 2]

= Net Income / Average stockholders' equity = 26.8278%

Payout ratio 1,967,360 / 6,479,611

= Cash dividend / Net Income = 30.2623%

Retention ratio 1 - 0.303623

= 1 - Payout ratio = 69.6377%

Market value ratios

Price-to-earnings (P/E) ratio 5.26/ 1.32

= Market price per share / EPS = 3.9848 times

Dividend yield 0.4/ 5.26

= Dividend per share /Market price per share = 7.6046%

Market-to-book (P/B) ratio 5.26/ 5.4523

= Market price per share / Book value per share = 0.9647 times

Operating numbers and free cash flow

Net Operating Profit After Tax (NOPAT) 8,903,588 x (1 - 27%)

= EBIT* (1- Effective Tax rate) =6,499,619.24

Operating Cash Flow (OCF) 6,499,619.24 + 1,176,461

= NOPAT + Depreciation and Amortization =7,676,080.24

Net operating working capital (NOWC) (14,994,397 - 5,296,991) -18,823+ 450,979

= Working capital adjusted for non-operation items =10,129,562

Operating capital (OC) 10,129,562 + 14,149,446

= NOWC + Net Fixed Assets =24,279,008

Free Cash Flow (FCF) 7,676,080.24 - 1,225,602


3/25

= OCF - Investment in OC =6,450,478.24


4/25


5/25

China Shenhua (RMB'000,000) Yanzhou Coal Mining (RMB'000)

77,906/ 42,656 20,000,948/ 10,410,401

= 1.8264 times = 1.9212 times

(77,906 - 7,842)/ 42,656 (20,000,948 - 886,360)/ 10,410,401

= 1.6425 times = 1.8361 times

107,133/ [(275,540 + 238,527)/ 2] 20,253,362/ [(62,432,591 + 32,338,631)/ 2]

= 0.4168 times = 0.4274 times

107,133/ [(8,236 + 6,642)/ 2] 20,253,362/ [(4,723,922 + 2,977,266)/ 2]

= 14.4015 times = 5.2598 times

365/ 14.4015 365/ 5.2598

= 25.3446 days = 69.3943 days

59,378/ [(7,842 + 6,337)/ 2] 11,123,005/ [(886,360 + 819,599)/ 2]

= 8.3755 times = 13.0402 times

365/ 8.3775 365/ 13.0402

= 43.5691 days = 27.9904 days

103,797/ 275,540 33,178,298/ 62,432,591

= 0.3767 times = 0.5314 times

103,797/ 171,743 33,178,298/ 29,254,293

= 0.6044 times =1.3141 times

275,540/ 171,743 62,432,591/ 29,254,293

= 1.6044 times = 2.1341 times

41,656/ 4,681 5,730,921/ 45,115

= 8.8990 times = 127.0292 times

29,899/ 107,133 4,132,494/ 20,253,362

= 27.9083% = 20.4040%

8 2009


6/25

41,656/ 107,133 5,730,921/ 20,253,362

= 38.8825% = 28.2961%

29,899/ [(275,540 + 238,527)/ 2] 4,132,494/ [(62,432,591 + 32,338,631)/ 2]

= 11.6323% = 8.7210%

41,656/ [(275,540 + 238,527)/ 2] 5,730,921/ [(62,432,591 + 32,338,631)/ 2]

= 16.2064% = 12.0942%

29,899/ [(171,743 + 149,804)/ 2] 4,132,494/ [(29,254,293 + 26,816,610)/ 2]

= 18.5970% = 14.7402%

9,149 / 29,899 1,229,600 / 4,132,494

= 30.5997% = 29.7544%

1 - 0.305997 1 - 0.297544

= 69.4003 = 70.2456%

15.5/ 1.339 16.59/ 0.84

= 11.5758 times = 19.7500 times

0.46/ 15.5 0.25/ 16.59

= 2.9677% = 1.5069%

15.5/ 8.6346 16.59/ 5.9479

= 1.7951 times = 2.7892 times

41,656 x (1 - 19%) 5,730,921 x (1 - 27%)

=33,741.36 =4,183,572.33

33,741.36 + 17,857 4,183,572.33 + 1,837,556

=51,598.36 =6,021,128.33

(77,906 - 42,656) - 241 (20,000,948 - 10,410,401)- 315,045+1,564,106

=35,009 =10,839,608

35,009 + 145,253 10,839,608 + 18,877,134

=180,262 =29,716,742

51,598.36 - 36,861 6,021,128.33 - 4,162,192


7/25

=14,737.36 =1,858,936.33


8/25


9/25

China Shenhua (RMB'000,000) Yanzhou Coal Mining (RMB'000)

92,459/ 55,684 24,281,354/ 10,133,862

= 1.6604 times = 2.3961 times

(92,459 - 7,727)/ 55,864 (24,281,354 - 1,646,116)/ 10,133,862

= 1.5168 times = 2.2326 times

121,312/ [(311,677 + 275,540)/ 2] 33,944,252/ [(72,755,864 + 62,432,591)/ 2]

= 0.4132 times = 0.5022 times

121,312/ [(8,781 + 8,236)/ 2] 33,944,252/ [(10,017,260 + 4,723,922)/ 2]

= 14.2577 times = 4.6054 times

365/ 14.2577 365/ 4.6054

= 25.6002 days = 79.2548 days

65,492/ [(7,727 + 7,842)/ 2] 18,886,621/ [(1,646,116 + 886,360)/ 2]

= 8.4131 times =14.9159 times

365/ 8.4131 365/ 14.9159

= 43.3847 days = 24.4705 days

114,259/ 311,677 35,317,413/ 72,755,864

= 0.3666 times = 0.4854 times

114,259/ 197,418 35,317,413/ 37,438,451

= 0.5788 times = 0.9433 times

311,677/ 197,418 72,755,864/ 37,438,451

= 1.5788 times = 1.9433 times

49,136/ 3,324 13,080,678/ 603,343

= 14.7822 times = 21.6803 times

36,186/ 121,312 9,306,292/ 33,944,252

= 29.8289% = 27.4164%

201


10/25

49,136/ 121,312 13,080,678/ 33,944,252

= 40.5038% = 38.5358%

36,186/ [(311,677 + 275,540)/ 2] 9,306,292/ [(72,755,864 + 62,432,591)/ 2]

= 12.3246% = 13.7679%

49,136/ [(311,677 + 275,540)/ 2] 13,080,678/ [(72,755,864 + 62,432,591)/ 2]

= 16.7352% = 19.3518%

36,186/ [(197,418 + 171,743)/ 2] 9,306,292/ [(37,438,451 + 29,254,293)/ 2]

= 19.6045% = 27.9080%

10,541 / 36,186 2,901,856 / 9,306,292

= 29.1301% = 31.1817%

1 - 0.291301 1 - 0.311817

= 70.8699% = 68.8183%

36.69/ 1.594 23.23/ 1.89

= 23.0176 times = 12.2910 times

0.53/ 36.69 0.59/ 23.23

= 1.4445% = 2.5398%

36.69/ 9.9254 23.23/ 7.6119

= 3.6966 times = 3.0518 times

49,136 x (1 - 21%) 13,080,678 x (1 - 25%)

=38,817.44 =9,810508.50

38,817.44 + 9,893 9,810,508.5 + 2,669,102

=48,710.44 =12,479,610.50

(92,459 - 55,684) - 656 (24,281,354- 10,133,862) -85,188+ 2,300,637

=36,119 =16,362,941

36,119 + 163,645 16,362,941 + 19,874,615

=199,764 =36,237,556

48,710.44 - 38,842 12,479,610.5 - 5,847,468


11/25

=9,868.44 =6,632,142.50


12/25


13/25

China Shenhua (RMB'000,000)

103,995/ 58,900

= 1.7656 times

(103,995 - 11,167)/ 58,900

= 1.5760 times

152,063/ [(340,860 + 311,677)/ 2]

= 0.4661 times

152,063/ [(10,645 + 8,781)/ 2]

=15.6556 times

365/ 15.6556

= 23.3143 days

86,638/ [(11,167 + 7,727)/ 2]

= 9.1921 times

365/ 9.1921

= 39.7080 days

112,072/ 340,860

= 0.3288 times

112,072/ 228,788

= 0.4899 times

340,860/ 228,788

= 1.4899 times

58,389/ 3,636

= 16.0586 days

43,569/ 152,063

= 28.6519%


14/25

58,389/ 152,063

= 38.3979%

43,569/ [(340,860 + 311,677)/ 2]

= 13.3537%

58,389/ [(340,860 + 311,677)/ 2]

= 17.8960%

43,569/ [(228,788 + 197,418)/ 2]

= 20.4450%

Not declare yet

/

/

/

32.6/ 1.917

= 17.0057 times

Not declare yet

/

32.6/ 11.5027

= 2.8341 times

58,389 x (1 - 20%)

=46,711.20

46,711.2 + 13,329

=60,040.2

(103,995 - 58,900) - 0

=45,095

45,095 + 179,434

=224,529

60,040.2 - 24,932


15/25

=35,108.2


16/25

Date Stock Price Return (%) Deviation from Mean

2011-12 16.58

2011-11 17.44 5.18697226 7.579765385

2011-10 20.05 14.9655963 17.35838946

2011-09 17.2 -14.214464 -11.82167071

2011-08 22.65 31.6860465 34.07883964

2011-07 29.9 32.00883 34.40162315

2011-06 29.65 -0.8361204 1.556672728

2011-05 32.5 9.61214165 12.00493478

2011-04 30.2 -7.0769231 -4.684129948

2011-03 27.6 -8.6092715 -6.216478394

2011-02 22.79 -17.427536 -15.0347431

2011-01 22.11 -2.9837648 -0.59097168

2010-12 23.23 5.06558118 7.458374314

2010-11 21.13 -9.0400344 -6.647241309

2010-10 21.86 3.4548036 5.847596726

2010-09 18.66 -14.638609 -12.2458162

2010-08 15.65 -16.130761 -13.73796786

2010-07 16.31 4.2172524 6.610045525

2010-06 14.98 -8.1545064 -5.761713309

2010-05 17.7 18.1575434 20.55033652

2010-04 21.54 21.6949153 24.08770838

2010-03 17.98 -16.527391 -14.13459777

2010-02 15.92 -11.457175 -9.064381509

2010-01 14.89 -6.4698492 -4.077056117

2009-12 16.59 11.4170584 13.809851562009-11 14.91 -10.126582 -7.733789149

2009-10 11.92 -20.053655 -17.66086214

2009-09 10.72 -10.067114 -7.674320965

2009-08 10.68 -0.3731343 2.019658801

2009-07 11.65 9.082397 11.47519013

2009-06 10.31 -11.502146 -9.109352794

2009-05 9.29 -9.8933075 -7.500514339

2009-04 6.75 -27.341227 -24.948434

2009-03 5.15 -23.703704 -21.31091057

2009-02 4.14 -19.61165 -17.21885736

2009-01 4.8 15.942029 18.33482211Mean -2.3927931

Standard Deviation 15.0812788

Covariance 77.1799995

Beta 1.78778689

Yanzhou Coal Mining


17/25

P/B Ratio (up to Dec 2011) 3.05


18/25

Stock Price Return (%) Deviation from Mean

18434.39

17989.35 -2.4141835 -1.691575402

19864.87 10.4257241 11.1483322

17592.41 -11.439592 -10.71698351

20534.85 16.725622 17.4482301

22440.25 9.27886008 10.00146817

22398.1 -0.1878321 0.534775957

23684.13 5.74169238 6.464300465

23720.81 0.15487164 0.877479727

23527.52 -0.8148541 -0.092246041

23338.02 -0.8054398 -0.082831668

23447.34 0.4684202 1.191028289

23035.45 -1.7566598 -1.034051728

23007.99 -0.1192076 0.60340052

23096.32 0.38391011 1.1065182

22358.17 -3.1959637 -2.473355597

20536.49 -8.1477151 -7.425107041

21029.81 2.40216317 3.124771263

20128.99 -4.2835385 -3.560930374

19765.19 -1.8073435 -1.084735449

21108.59 6.7967978 7.519405894

21239.35 0.61946345 1.34207154

20608.7 -2.9692528 -2.246644736

20121.99 -2.3616725 -1.639064408

21872.5 8.69948748 9.42209556521821.5 -0.2331695 0.489438584

21752.87 -0.3145063 0.408101754

20955.25 -3.6667346 -2.944126461

19724.19 -5.8747092 -5.152101113

20573.33 4.30506905 5.027677144

18378.73 -10.667208 -9.944600379

18171 -1.130274 -0.407665874

15520.99 -14.583732 -13.86112423

13576.02 -12.531224 -11.80861576

12811.57 -5.6308845 -4.908276367

13278.21 3.64233267 4.364940762Mean -0.7226081


Hang Seng Index


19/25


20/25

Product of Deviations

-12.821745

193.517092

126.69265

594.615436

344.066739

0.83247115

77.6035055

-4.1102291

0.57344552

1.24535285

-0.703864

-7.7123448

-4.0109489

6.47047221

30.288258

102.005882

20.6548803

20.5170599

-22.291679

181.125256

-18.969641

20.364445

6.68255757

130.117741-3.7852148

-7.2074288

22.5941714

-10.405486

57.6935512

90.5888732

3.05770374

345.813343

251.652354

84.5149106

80.0304124


21/25

Date Stock Price Return (%) Deviation from Mean

2011-12 33.75

2011-11 32.7 -3.1111111 -1.350466849

2011-10 36.2 10.7033639 12.46400818

2011-09 31 -14.364641 -12.60399662

2011-08 36.2 16.7741935 18.53483781

2011-07 39.2 8.28729282 10.04793708

2011-06 37.2 -5.1020408 -3.341396554

2011-05 38.75 4.16666667 5.927310929

2011-04 36.25 -6.4516129 -4.690968641

2011-03 35.94 -0.8551724 0.905471848

2011-02 31.58 -12.13133 -10.37068573

2011-01 31 -1.8366054 -0.075961185

2010-12 31.93 3 4.760644262

2010-11 32.12 0.59505168 2.3556959372010-10 33.88 5.47945205 7.240096317

2010-09 31.44 -7.201889 -5.441244758

2010-08 27.67 -11.991094 -10.23044989

2010-07 29.28 5.81857608 7.579220337

2010-06 27.91 -4.6789617 -2.918317487

2010-05 30.75 10.1755643 11.93620858

2010-04 32.15 4.55284553 6.31348979

2010-03 31.58 -1.7729393 -0.012295085

2010-02 31.49 -0.2849905 1.475653762

2010-01 31.21 -0.8891712 0.871473096

2009-12 35.93 15.1233579 16.884002162009-11 35.79 -0.3896465 1.370997727

2009-10 33.71 -5.8116792 -4.051034978

2009-09 31.87 -5.458321 -3.697676711

2009-08 29.69 -6.8402887 -5.079644411

2009-07 30.12 1.44829909 3.208943352

2009-06 26.81 -10.989376 -9.228731568

2009-05 24.35 -9.1756807 -7.415036454

2009-04 20.27 -16.755647 -14.99500256

2009-03 16.16 -20.27627 -18.51562609

2009-02 14.26 -11.757426 -9.996781481

2009-01 15.74 10.3786816 12.13932589Mean -1.7606443


Covariance 49.3061063

Beta 1.14211986

China Shenhua


22/25

P/B Ratio (up to Dec 2011) 2.83


23/25

Stock Price Return (%) Deviation from Mean

18434.39

17989.35 -2.4141835 -1.691575402

19864.87 10.4257241 11.1483322

17592.41 -11.439592 -10.71698351

20534.85 16.725622 17.4482301

22440.25 9.27886008 10.00146817

22398.1 -0.1878321 0.534775957

23684.13 5.74169238 6.464300465

23720.81 0.15487164 0.877479727

23527.52 -0.8148541 -0.092246041

23338.02 -0.8054398 -0.082831668

23447.34 0.4684202 1.191028289

23035.45 -1.7566598 -1.034051728

23007.99 -0.1192076 0.6034005223096.32 0.38391011 1.1065182

22358.17 -3.1959637 -2.473355597

20536.49 -8.1477151 -7.425107041

21029.81 2.40216317 3.124771263

20128.99 -4.2835385 -3.560930374

19765.19 -1.8073435 -1.084735449

21108.59 6.7967978 7.519405894

21239.35 0.61946345 1.34207154

20608.7 -2.9692528 -2.246644736

20121.99 -2.3616725 -1.639064408

21872.5 8.69948748 9.42209556521821.5 -0.2331695 0.489438584

21752.87 -0.3145063 0.408101754

20955.25 -3.6667346 -2.944126461

19724.19 -5.8747092 -5.152101113

20573.33 4.30506905 5.027677144

18378.73 -10.667208 -9.944600379

18171 -1.130274 -0.407665874

15520.99 -14.583732 -13.86112423

13576.02 -12.531224 -11.80861576

12811.57 -5.6308845 -4.908276367

13278.21 3.64233267 4.364940762Mean -0.7226081


Hang Seng Index


24/25


25/25

Product of Deviations

2.2844165

138.952904

135.076824

323.400115

100.494123

-1.7868985

38.3159188

-4.1162299

-0.0835262

0.8590212

-0.0904719

-4.9227524

1.421428158.01129835

13.4581332

75.9621855

23.6833299

10.3919254

-12.947629

47.4736923

-0.0165009

-3.3152698

-1.4284005

159.0826820.67101919

-1.6532345

10.8864279

26.1708416

16.1335311

91.7760475

3.02285732

207.847593

218.643914

49.0669663

52.9874384

tue930 yanzhou - china shenhua

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