The options for their excess cash flow I can see are
1. Dividend: Seems reasonable as they suspended it during the virus and most companies are now restoring them.
2. Debt repayment: They have already paid off 500 million recently. I don't see why they wouldn't want to deleverage more in this ESG environment
3. Share buybacks: Implausible I think as the float is too thin to be able to do this meaningfully.
4. M&A: They may see opportunities in coal or even the oil and gas space. Some of the US coal suppliers, like ARLP, are slowly migrating to oil and gas.
5: Cash hoarding: This seems unlikely
Ann: HKEx - Date of Board Meeting, page-3
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