March 17, 2014
Asian Coal, Power and Renewables
Less, Less, Less: The Beginning of the End of Coal
Prepared for
Institute for Energy Economics and Financial Analysis
and
New York University Institute for Policy Integrity
Michael W. Parker • Senior Analyst • +852-2918-5747 • michael.parker@bernstein.com
Flora Chang • Research Associate • +852-2918-5737 • flora.chang@bernstein.com
See Disclosure Appendix of this report for important Disclosures and Analyst Certifications
Asian Coal, Power and Renewables
Asian Coal, Power and Renewables
Contact Information
Michael Parker is Vice President and Senior Research Analyst
covering the Asian Coal, Power and Renewables sectors for
Sanford C. Bernstein in Hong Kong.
Prior to joining Bernstein, Michael was a Director of Corporate
Development for renewable energy company, First Solar in
New York where his responsibilities included managing
corporate transactions and market forecasting.
Michael previously worked for PricewaterhouseCoopers in San
Francisco and in Wellington advising on various infrastructure
projects and investments in both the telecom and power sector
in the US and Asia-Pacific.
Michael holds an MBA from New York University and a law
degree and Bachelor of Commerce from the University of
Otago, New Zealand. He is a barrister and solicitor of the High
Court of New Zealand.
2
Michael Parker, Senior Analyst
Tel: +852 2918 5747
Fax: +852 2918 5757
E-mail: michael.parker@bernstein.com
Flora Chang, Senior Research Associate
Tel: +852 2918 5737
Fax: +852 2918 5757
E-mail: flora.chang@bernstein.com
Asian Coal, Power and Renewables
Asian Coal – The Appalachian Butterfly Effect
 Chinese coal prices didn't fall 25% over the course of 2012 because of the US and South Africa combining to
export an incremental 11M tons of coal to a 4B ton Chinese coal market. Coal prices fell primarily because
Chinese coal production and transportation capacity growth outstripped Chinese demand growth.
Major Seaborne Coal Exporters Supplying Asia – 2012
 File:
Canada
\\ac03hkg0202\deptss\HKG_SSRES\Asi
an Utilities\ Market Data\_PPT
Exhibits\Trade Flow
Russia
20MT
Mongolia
8MT
USA
22MT
N. Korea
China
~288MT
9MT
12MT
17MT
59MT
Vietnam
14MT
118MT
Indonesia
South Africa
Australia
Source: Wiki commons, SX Coal, Public Press, EIA, BREE, RBCT, Bernstein analysis and estimates
3
Asian Coal, Power and Renewables
Chinese Power – Turn on the Lights, the Party’s Over
 China's "power multiplier" over the business cycle since 2007 is ~1x GDP growth. The power multiplier (power
production growth divided by real GDP growth or the amount of electricity required by produce a unit of GDP) was
1.4x from 2003 to 2006, but falling.
China: Power Production Share
December 2012 – November 2013
0.6
0.4
1.27
1.29
1.08
0.72
0.8
0.68
0.68
0.82
1.0
0.34
China Power Multiplier
1.2
1.19
1.15
1.02
1.4
1.11
1.29
1.6
Hydro
14.7%
2008-2013
Average
= 0.95x
1.55
1.52
1.8
Others
0.2%
1.11
Nuclear Wind
2.0% 2.3%
China: Power Intensity 1998-2013
0.2
Thermal
80.7%
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0.0
Source : NBS, CEIC, Bernstein estimates and analysis
Source: NBS, CEIC, Bernstein estimates and analysis
4
Asian Coal, Power and Renewables
Chinese Coal – No Diamonds, Plenty of Rough
 Coal prices have declined to RMB530/ton. Coal prices have fallen ~37% since November 2011 when the price
touched RMB855/ton. We are in the longest sustained period of price falling since at least 2006 and there
are few signs that this trend is likely to change any time soon.
Qinhuangdao 5,500kcal/kg Spot Coal Price – 2007-2014current
900
821
QHD Coal Prices (RMB/ton)
800
748
714
699
700
599
600
500
467
426
427
2005
2006
400
588
 File:
\\ac03hkg0202\deptss\HKG_SSRES\
Asian Utilities\Market Data\China
Coal\China Coal Price Central.xlsx
 Tab: SX Coal
530
300
200
100
0
2007
2008
2009
2010
2011
2012
2013
Current
Source: SX Coal, Bernstein analysis
5
Asian Coal, Power and Renewables
Chinese Coal – No Diamonds, Plenty of Rough
 No insurmountable economies of scale. There are some economies of scale, but – in part as a result of the 2008
Shanxi industry consolidation - there are also multiple scaled operators.
 No lack of investment. Investment in the coal mining fixed assets in 2011 was up 30% Y/Y. And in 2010, coal
mining fixed asset investment increased 24.8%. But in 2012, it was up just 8%, while in 2013, it decreased 0.4%.
Chinese Coal Mining Fixed Asset Investment 2006 –2013
Fixed Asset Investment - Coal Mining,
RMB B
33.6%
700
29.4%
22.0%
600
Dec FAI
 File:
29.9%
\\ac03hkg0202\deptss\HKG_SSRES\
25.3%
China Monthly Macro\Exhibits\7
Energy 24.8%
Coal.xlsx
 Tab: FAI and Rail
490
500
377
400
302
241
300
200
100
147
31
181
145
2006
2007
526
63
56
471
261
10%
7.9%
428
196
20%
62
56
45
40%
30%
529
41
35
117
Y/Y Growth
465
0%
Y/Y Growth (%)
Jan-Nov FAI
800
-0.4%
321
-10%
0
-20%
2008
2009
2010
2011
2012
2013
Source: CEIC, NBS, Bernstein analysis
6
Asian Coal, Power and Renewables
Chinese Coal – Ditching the Bridge & Tunnel Crowd
 Looking at a sample of 25 countries in terms of power intensity over the last ten years, at least five trends are clear.
(0.05)
(0.09)
Canada
UK
0.50
Australia
0.35
0.50
S Africa
0.88
India
0.55
0.91
Phillipines
US
0.95
Brazil
0.64
1.02
S Korea
Germany
1.04
Pakistan
0.5
0.68
1.03
France
 File:
\\ac03hkg0202\deptss\HKG_SSRES\
Asian Utilities\Models\Industry
Model\Global Power Multiplier Model.xlsx
 Tab: Summary
1.0
Japan
1.05
Mexico
1.24
1.26
1.26
1.32
1.39
1.39
1.44
1.5
1.41
2.01
2.0
Russia
Indonesia
China
Thailand
Turkey
Spain
Egypt
Italy
Nigeria
(0.5)
Vietnam
-
Bangladesh
Power Multiplier (10-year)
2.5
2.07
10-year Power Multipliers – Selection of 25 Developed and Developing Nations
Source: World Bank, IEA, Bernstein analysis
7
Asian Coal, Power and Renewables
Chinese Coal – No Diamonds, Plenty of Rough
 Coal-fired power stations account for roughly half of coal consumption in China. A slowdown in coal
consumption by the power sector means that other coal-consuming sectors will need to step up their demand to
satisfy new supply
 We cannot identify any other important coal consuming industries that are filling this gap.
US Coal Consumption by end Market, 2012
Coking
2%
Chinese Coal Consumption by End Market,
2011
Other
1.7%
Other
5%
 File:
\\ac03hkg0202\deptss\HKG_SSRES\Asi
an Utilities\Models\Industry
Models\Global Steel Demand Model.xlsx
Tab: Coal consumption
Residential Agriculture
0.5% Mining
2.7%
7.6%
Steel
 File:
18.7%
\\ac03hkg0202\deptss\HKG_SSRES\Asi
an Utilities\Market Data\4 Industial
Production.xlsx
Tab:
Utilities Industrial Production Chemicals
50.1%
4.7%
Cement
7.3%
Power
plants
93%
Other
Manufacturing
6.7%
Source: EIA, Bernstein Analysis and estimates
Source: NBS, CEIC, Bernstein Analysis, Media Reports
8
Asian Coal, Power and Renewables
Chinese Coal – No Diamonds, Plenty of Rough
 2017 Clean Air target by province announced by the Chinese Government State Council
BEIJING – by 2017
• PM10: Reduce 10% from 2012 level
• PM2.5: Reduce 25% from 2012 level,
specifically < 60ug/m3
• Coal consumption: cap at 10mt or a 13mt
reduction; % of coal as energy reduce to
<10%
• Retire 1,200 high polluting companies
• % of renewable energy increase to 15%
•Negative growth in coal consumption
INNER MONGOLIA – by 2017
• PM10: Reduce by 10% from 2012 level
• PM2.5: Reduce by 10% from 2012 level
SHANXI – by 2017
• PM10: Reduce by 10% from 2012 level
• PM2.5: Reduce by 20% from 2012 level
• Retire 6.7mt of steel capacity and 18mt of
coking capacity.
• % of renewable energy increase to 10%
TANGSHAN, HEBEI – by 2017
A 25.6mtpa reduction in coal consumption;
40mtpa reduction in steel capacity and
28mtpa reduction in iron capacity.
Inner Mongolia
Shanxi
Beijing
Tianjin
TIANJIN – by 2017
•PM10: Reduce 10% from 2012 level
• PM2.5: Reduce 25% from 2012 level
• Coal consumption: Reduce10mt
• Steel capacity capped at 20mt, cement
capped at 5mt and coal-fired installed
capacity capped at 14GW
• % of renewable energy increase to 15%
•Negative growth in coal consumption
Hebei
SHIJIAZHUANG, HEBEI – by 2017
A 15mtpa reduction of coal consumption,
4.82mtpa reduction of steel capacity and
3.74mtpa reduction of iron capacity.
Shandong
Jiangsu
HANDAN, HEBEI – by 2017
A 16.7mtpa reduction of coal consumption,
12.04mtpa reduction of steel capacity and
16.14mtpa reduction of iron capacity.
Shanghai
Yangtze
River Delta
Zhejiang
SHANDONG – by 2017
• PM10: Reduce by 10% from 2012 level
• PM2.5: Reduce by 20% from 2012 level
• Retire 21mt of iron capacity and cap steel
capacity at 50mt by 2015; and cap coke
capacity at 40mt by 2017
• Coal consumption: reduce 20mt
• % of renewable energy increase to 10%
Guangdong
Pearl River
Delta
PEARL RIVER DELTA – by 2017
• PM10: Reduce by 10% from 2012 level
• PM2.5: Reduce by 15% from 2012 level
• Coal consumption: cap at 160mt by 2015
• Negative growth in coal consumption
HEBEI – by 2017
• PM10: Reduce10% from 2012 level
• PM2.5: Reduce 25% from 2012 level
• A 8.75mtpa reduction of coal consumption;
5.86mtpa reduction of steel capacity and
14.47mtpa reduction of iron capacity by 2015
• From 2015-2017, reduce 40.34mtpa,
67.26mtpa and 66.72mtpa of coal
consumption, steel capacity and iron capacity
• Retire all <100MW and start retiring
<200MW non co-gen coal-fired capacity
• Wind power capacity increase to 11GW
• % of renewable energy increase to 15%
• Negative growth in coal consumption
YANGTZE RIVER DELTA (Jiangsu,
Zhejiang and Shanghai) - by 2017
• PM10: Reduce by 10% from 2012 level
• PM2.5: Reduce by 20% from 2012 level
• Negative growth in coal consumption
Source: Wikimedia Commons, Chinese Government State Council, Media reports, Bernstein analysis
9
Asian Coal, Power and Renewables
Chinese Coal – No Diamonds, Plenty of Rough
 We believe that coal-fired power generation capacity will fall from ~800GW of installed capacity today to 650GW
by the end of the decade as inefficient, small, old power stations are decommissioned. Hydro will increase from
~250GW to 350GW. Gas will go from ~40GW to 150GW. Nuclear will increase from ~13GW to 75GW. Solar and
wind will be 200GW and 250GW by the end of the decade, respectively.
Power Generation Shift by Fuel Source, 2012 –
2020E
China Installed Capacity by Fuel Source, 2012
and 2020E
1600
1400
1200
1000
800
1,000
Wind
477
 File:
\\ac03hkg0202\deptss\HKG_SSRES\Chi
Gas
215
na Red Book\Red Book - Coal and
Power.xlsx
 Tab: Depletion
420
Nuclear
600
400
Hydro
2012
326
200
800
600
777
 File:
\\ac03hkg0202\deptss\HKG_SSRES\
650
Asian Utilities\Market Data\China
Power\2020 China Installed Capacity.xls
 Tab: 2
CAGR
=4.4%
400
350
CAGR=
19.3%
249
250
150
221
61
0
Coal
-50
CAGR=
66.2%
CAGR=
17.0%
200
Solar
2020E
CAGR
=-2.2%
Installed Capacity (GW)
Pow er Generation Change 2012-20E (TWh)
1800
43
CAGR=
25.0%
205
75
13
8
0
-200
Coal
2012-2020E Shift
Hydro
Wind
Gas
Nuclear Solar
Source: NBS, CEIC, Bernstein estimates and analysis
Source: CIEC, Bernstein estimates
10
Asian Coal, Power and Renewables
Chinese Coal – No Diamonds, Plenty of Rough
Xi-to-Sea Projects – Origin and Destination, Distance, Transport Capacity, Target Completion Date
Start
Date
Mar-10
Nov-09
Apr-10
Project Location
Handan, Hebei to
Changzhi, Shanxi
(Expansion)
Longkou to Yantai,
Shandong
Dezhou to Dajiawa,
Shandong
Chifeng, Inner Mongolia
to Jinzhou, Liaoning
Jun-08
Zhangjiakou to
Tangshan (Caofeidian),
Hebei
Mar-10
Dec-09
Aug-10
Subtotal
Lvliang, Shanxi to
Rizhao, Shandong
Jining to Tongliao, Inner
Mongolia (Expansion)
Distance
Completion
Rail Capacity
(km)
Year
(M tons)
223
2014E
150
113
2014E
9
256
282
2014E
2015E
Jining to Tongliao
(Expansion), 923km,
80Mtpa new rail
capacity, 2014
Zhunge’er to
Shenchi, 180km,
200Mtpa new rail
capacity, 2014
22
140
Jining
2014E
Handan to Huanghua,
460km, 40Mtpa new
rail capacity, 2013EY
1,260
923
3,585
2014E
2014E
Chifeng
Jinzhou
Zhangjiakou
Longkou to Yantai,
Caofeidian
113km, 2015
Tianjin
Huanghua Longkou
Shuozhou/
Shenchi
Yantai
Lvliang
200
Dezhou
Handan
Lvliang to Rizhao,
1,260km, 200M
tons new rail
capacity, 2014
43
Xi’an
764
Chifeng to
Jinzhou, 282km,
140M tons new rail
capacity, 2015
Zhangjiakou to
Tangshan
(Caofeidian), 528km,
200M tons new rail
capacity, 2014EY
Qinhuangdao
Datong
Shenmu
200
Zhenglanqi to Zhangjiakou,
247km, 30M tons new rail
capacity, 2014
Xilin Gol
Batuta to
Hohhot
Baotou
Zhunge’er, 135km,
Zhunge’er
200Mtpa new rail
capacity, Oct 2013
Batuta
528
Tongliao
Hohhot to Shengli, 245km,
200Mtpa new rail capacity,
2015
Additional Coal
Jinan
Dezhou to Dajiawa,
256km, 44.6M tons
new rail capacity,
2014EY
Dajiawa
Qingdao
Rizhao
Changzhi
New Lines
Lianyungang
Handan to Changzhi
(Expansion), 223km,
200M tons new rail
capacity, 2014EY
Handan to Jinan,
249km, 180M tons
new rail capacity,
1H14
Existing Lines
Stations
Source: Company Reports, Chinese Ministry of Railways, Media Reports, Bernstein Analysis and estimates
11
Asian Coal, Power and Renewables
Chinese Power – Turn on the Lights, the Party’s Over
 Low-intensity services sector on the rise. The GDP share shifts in the last decade have been from agriculture (a
moderately energy-intensive activity) to services (a low intensity activity) and manufacturing (a high-intensive activity).
 Tertiary sector set to gain GDP share. If primary industry share asymptotes at ~10%, GDP share will shift from
secondary industry (high power-intensive activities) to the services sector (low power-intensive activities).
China: GDP Share by Sector: 20002013
Agriculture
Industry
China: Power Intensity by Sector:
2011
Services
0.160
GDP by Sector (%)
50%
Power intensity (KWh per RMB of GDP)
60%
45.4%
44.2%
40%
 File:
\\ac03hkg0202\deptss\HKG_SSRES\
Asian Utilities\ Research Calls\Macro China\CHN Call 4 - Power Intensity.xls
 Tab: GDP
30%
20%
10.3%
10%
0%
0.150
0.140
0.120
0.100
0.080
 File:
\\ac03hkg0202\deptss\HKG_SSRES\
Asian Utilities\ Research Calls\Macro China\CHN Call 4 - Power Intensity.xls
0.069CPI
 Tab:
0.060
0.040
0.025
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
0.020
0.000
Agriculture
Source: NBS, CEIC, Bernstein analysis
Industry
Services
Source: NBS, CEIC, Bernstein analysis
12
Asian Coal, Power and Renewables
Chinese Coal – Basket Full of Biscuits
 From 2016, Chinese coal demand will fall in absolute terms, and that trend will never reverse. There are
5 primary drivers of falling consumption: (i) continuing investment in coal mining and transportation
infrastructure; ii) decreasing Chinese power intensity; (iii) increasing power generation capacity from nuclear,
gas, hydro and renewables; (iv) falling demand growth for steel, cement and fertilizer and the demise of
“inferior” end markets for coal; and (v) the emergence of the environment as a politically sensitive issue in
China.
Chinese Coal Consumption by Sector 2010-2020E
Pow er
Steel
Cement
Fertilizer
Mining
Residential
Other
China Coal Consumption (million tons)
5,000
4,234
4,500
4,287
4,292
4,247
4,183Coal Demand
4,038
4,120
 File: \\ac03hkg0202\deptss\HKG_SSRES\Asian
Utilities\ Models\China
3,977
3,993
533
4,000 Model.xlsx
479
592
432
388
658
3,561
350
658
639
 Tab: Exhibits
293
288
296
3,500
284
567
292
203
333
295
224
343
230
351
234
352
237
350
3,858
241
347
275
245
343
315
266
248
337
274
141
303
278
169
323
649
658
695
733
768
799
799
799
799
799
1,622
1,856
1,841
1,943
1,995
2,014
1,995
1,986
1,975
1,900
1,815
2010
2011
2012
2013E
2014E
2015E
2016E
2017E
2018E
2019E
2020E
3,000
2,500
245
152
275
2,000
595
1,500
1,000
500
0
Source: CEIC, Bernstein analysis and estimates
13
Asian Coal, Power and Renewables
Disclosure Appendix
14
Asian Coal, Power and Renewables
Disclosure Appendix: Valuation Methodology
 Shenhua, China Coal Energy, Yanzhou: P/FE and P/B multiple on 2015 Earnings/Book
Value estimates
 Huaneng, Datang, CR Power: P/FE multiple and P/B multiple. Assume A-shares and Hshares appreciate/depreciate in value by the same %
Sector
Chinese
Coal
Company
Ticker
Rating
Target Price
Average Daily Trading Volume
(6 months)
(M Shares)
(USD M)
Market
Cap
(USD B)
China Shenhua
1088.HK
U
HK$15.00
HK$19.36
17.0
50.7
43.9
China Coal Energy
1898.HK
U
HK$2.80
HK$3.77
44.2
25.8
8.3
HK$4.00
HK$5.01
19.9
18.6
USD5.16
USD6.35
ADR: 0.23
ADR: 2.1
HK$9.00
HK$6.21
20.4
19.6
USD46.15
USD31.51
ADR: 0.04
ADR: 1.4
Yanzhou Coal
1171.HK
U
ADR:YZC
Huaneng
Chinese
Power
Recent Price
(March 13, 2014)
902.HK
O
ADR:HNP
4.2
10.9
Datang
991.HK
M
HK$3.20
HK$2.85
11.9
5.2
7.3
CR Power
836.HK
M
HK$20.00
HK$17.88
5.8
14.0
11.0
Note: The MXAPJ and SPX Indices closed at 458.57 and1,846.34 respectively on March 13,2014.
15
Asian Coal, Power and Renewables
Disclosure Appendix: Risks
There are numerous risks to our investment thesis. In both China and India, our base case forecasts assume continuing rapid economic growth and moderating levels of inflation.
Electricity consumption growth in both markets is sensitive to economic growth. In the event that economic conditions deteriorate significantly, this would have a significant negative
effect across the group.
In addition, some sector-specific risks are set out below.
Chinese Coal
There are numerous risks to our investment thesis on Shenhua, China Coal Energy and Yanzhou. Some of these risks are set out below.
First, contrary to our expectations, electricity demand growth may continue to grow at its historically high rate, increasing demand for thermal coal.
Second, contrary to our expectations, steel growth may accelerate, increasing demand for coking coal.
Third, coal production and rail transportation capacity may not increase at the rate that we are forecasting over the long term. As a result, coal pricing may not decline in the manner
that we are anticipating. Further, in the event that rail transportation capacity expansion fails to materialize, movement of coal resources across internally-owned logistics and
shipping assets may benefit diversified coal and generation companies like Shenhua.
Fourth, the companies may decide to alter their investment strategies or enter into new business segments, changing capital expenditures or dividend pay-out rates and dividend
growth rates.
Fifth, China may relax its coal export quotas and India may become a more significant importer of coal than we are forecasting, providing a source of additional growth for the coal
companies that are not currently included within our estimates.
Sixth, the global economy may accelerate, leading to higher than anticipated demand for Chinese manufactured goods, increasing demand for Chinese coal and pushing up the
price of seaborne coal.
Seventh, the Chinese government may choose to stimulate the economy, resulting in an increase in demand for steel, power, cement and – ultimately- thermal and coking coal.
Chinese Power
There are numerous risks to our investment thesis on Datang, Huaneng and China Resources Power. Some of these risks are set out below.
First, contrary to our expectations, electricity demand growth may continue to grow at is historically high rate, raising utilization rates for all Chinese generation companies.
Second, coal production and rail transportation capacity may not increase at the rate that we are forecasting over the long term. As a result, coal pricing may not decline in the
manner that we are anticipating and utilities with coal mining assets may benefit from their internal coal supply to a greater extent than we expect. Further, in the event that rail
transportation capacity expansion fails to materialize, movement of coal resources across internally-owned logistics and shipping assets will benefit diversified generation
companies.
Third, the companies may decide to alter their investment strategies or enter into new business segments, changing capital expenditures or dividend pay-out rates and dividend
growth rates.
Fourth, the tariff process through which the NDRC stipulates the price that power generation plants in China are to receive for electricity generation may be altered. Such changes
are difficult to predict. Market-based pricing mechanisms have been discussed and trialed in China on occasion over the last decade. The introduction of such a system would
profoundly alter our investment conclusions.
Fifth, given that the electricity generation business in China is highly regulated, changes to regulations – and, in particular, changes to the electricity tariffs - may have a dramatic
impact on valuation. Such changes are, almost by definition, difficult to predict but could rapidly improve profitability with little warning.
16
Asian Coal, Power and Renewables
Disclosure Appendix
SRO REQUIRED DISCLOSURES
References to "Bernstein" relate to Sanford C. Bernstein & Co., LLC, Sanford C. Bernstein Limited, Sanford C. Bernstein (Hong Kong) Limited, and Sanford C. Bernstein (business registration
number 53193989L), a unit of AllianceBernstein (Singapore) Ltd. which is a licensed entity under the Securities and Futures Act and registered with Company Registration No.
199703364C, collectively.
Bernstein analysts are compensated based on aggregate contributions to the research franchise as measured by account penetration, productivity and proactivity of investment ideas. No
analysts are compensated based on performance in, or contributions to, generating investment banking revenues.
Bernstein rates stocks based on forecasts of relative performance for the next 6-12 months versus the S&P 500 for stocks listed on the U.S. and Canadian exchanges, versus the MSCI Pan
Europe Index for stocks listed on the European exchanges (except for Russian companies), versus the MSCI Emerging Markets Index for Russian companies and stocks listed on
emerging markets exchanges outside of the Asia Pacific region, and versus the MSCI Asia Pacific ex-Japan Index for stocks listed on the Asian (ex-Japan) exchanges - unless otherwise
specified. We have three categories of ratings:
Outperform: Stock will outpace the market index by more than 15 pp in the year ahead.
Market-Perform: Stock will perform in line with the market index to within +/-15 pp in the year ahead.
Underperform: Stock will trail the performance of the market index by more than 15 pp in the year ahead.
Not Rated: The stock Rating, Target Price and estimates (if any) have been suspended temporarily.
As of 03/13/2014, Bernstein's ratings were distributed as follows: Outperform - 43.6% (0.4% banking clients) ; Market-Perform - 45.2% (0.4% banking clients); Underperform - 11.2% (0.0%
banking clients); Not Rated - 0.0% (0.0% banking clients). The numbers in parentheses represent the percentage of companies in each category to whom Bernstein provided investment
banking services within the last twelve (12) months.
This research publication covers six or more companies. For price chart disclosures, please visit www.bernsteinresearch.com, you can also write to either: Sanford C. Bernstein & Co. LLC,
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12-Month Rating History as of 03/13/2014
Ticker
Rating Changes
1088.HK U (RC) 12/14/11
1171.HK U (RC) 12/14/11
1898.HK U (RC) 06/13/12
836.HK M (RC) 03/07/13
902.HK O (RC) 09/12/13
991.HK M (RC) 03/03/11
M (RC) 03/07/13
Rating Guide: O - Outperform, M - Market-Perform, U - Underperform, N - Not Rated
Rating Actions: IC - Initiated Coverage, DC - Dropped Coverage, RC - Rating Change
OTHER DISCLOSURES
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OTHER DISCLOSURES
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Asian Coal, Power and Renewables
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