BOCI Research pointed out in a research report that Yanzhou Coal Mining (01171.HK) 's net profit in the third quarter fell by 16% year-on-year, but rose by 1% quarter-on-quarter. Although coal prices fell slightly, the decrease in coal production costs kept quarterly profits flat.

BOCI International expects that Yanzhou Coal Mining's profits in the fourth quarter will decrease significantly quarter-on-quarter, as the group usually incurs higher costs in the fourth quarter. The bank raised the group's profit forecast for 2024 to 2026 by 4% to 13%, reaffirmed the 'buy' rating, and increased the target price from 13.35 yuan to 14.05 yuan.