Ann: New South Wales Coal Reservation Policy, page-60

this is the Google translate version of it

CMB International: Maintain Yancoal Australia Buy rating with target price of HK$53
Sina Hong Kong stocks 02-17 16:28
China Merchants Bank International released a research report saying that it maintains Yancoal Australia (03668)'s "buy" rating, and its profit forecast remains unchanged; it will release its full-year financial results on February 27, with a target price of HK$53. The company announced that the government of New South Wales, Australia introduced a coal price cap and reserve policy, which will take effect for 15 months (April 1, 2023 to June 30, 2024).

According to the report, according to the above-mentioned policy requirements, the company must provide a maximum of 310,000 tons of coal to domestic power plants every quarter. The bank estimates that this will have an impact of -3%/-1.7% on the company's pre-tax profit in 2023/24, respectively, so it believes that the introduction of this policy will have little impact on the company. Considering that the price limit policy has been discussed in the market for a period of time, it is believed that the confirmation of relevant details will help to dispel the market's doubts about the company's business development.