WHAT THE BROKER SAYS

Falling volume sales and rising costs at Yanzhou Coal Mining in the first half have prompted JP Morgan to cut its earnings forecast for this year and next and downgrade the stock from 'over-weight' to 'neutral'.

Earnings per share (EPS) were 38 fen, up by 44 per cent year on year due to strong coal prices, 57 per cent higher. Costs were up more than 20 per cent in spite of a 13 per cent fall in volume sales.

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