good wrap

"Centennial Coal 2004 earnings forecast lifted ..

A leading broker lifted its eps forecast for Centennial Coal Co Ltd for 2004 by 2 per cent, the valuation remains at $3.45 and the recommendation at "out perform" short term and "buy" long term.

The broker says although Centennial's coal is 80 pct to the domestic market and 20 pct exported, it is expanding its export capability via the expansion at Clarence. The longer term story is also positive and underpinned by new mine start ups at Mandalong and potentially Anvil Hill and further efficiency gains from the former state owned coal mines.

*Another leading broker retains a "buy" rating on Centennial Coal with a target price of $3.90, reduced from $4 previously. CEY up 2c to $3.26"