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Yancoal Australia (YAL) held an NDR in Hong Kong last week, where the company's stock has gained increasing interest from investors. The main topics discussed were dividend policy,沪港通, coal price expectations, and cost trends. The management provided clear answers to these questions, and YAL was included in the latest list of stocks eligible for沪港通, which is expected to increase trading volume and potentially trigger a re-rating. YAL offers scarce value for mainland investors seeking exposure to the seaborne coal industry, with a high dividend yield of 20% and a low valuation of 2.2x 2023E. The TP remains at 48HKD. The main takeaways from the NDR were: the dividend yield is currently 45% and is influenced by factors such as debt repayment and capital expenditure needs. The inclusion of YAL in the latest list of stocks eligible for沪港通 is expected to increase trading volume and potentially trigger a re-rating.
