Yal has a history of strong payout due to obvious reasons of...

Yal has a history of strong payout due to obvious reasons of majority owned overseas ownership. Major shareholders is likely to reward themselves with liberal dividend. With debt nearly paid off, it is likely that YAL will continue with liberal dividend in future as well. It is not to their advantage to go for M&A activity as has been speculated through YAL.
With the likely lifting of China ban for coal, YAL will have the biggest advantage as historically China was one of their major customer. However their customer base in Japan, Korea, Taiwan and Thailand is equally strong.
I was pleasantly surprised with very coal price realisation in last Sept quarter due to diversion of coal in European markets.
On valuation side, YAL is most undervalued company in coal space. Coal sector itself is undervalued due to obvious reasons.
It is more realistic to achieve a valuation of double digit in billion from current about 7.5 billion. SP price in the range of 7 to 9 is more realistic with good cashflow in the form of dividend.
DYOR