Straits Asia: CS maintains neutral with $3.20 TP. Recall that SAR reported 2Q11 net profit of US$39 m, in line with estimates, albeit at the lower end. In conference call, mgt gave assurance that cost pressure should ease somewhat with lower strip ratio at the SBK mine. 3Q ASP guidance is conservative but expect a strong recovery in 4Q, with rising spot prices and contribution from higher CV coal from the SBK mine. House tip SAR’s earnings momentum to improve in 2H11 to meet mkt expectations. Earnings growth outlook in the medium term is strong but hinges on the successful development of the Northern Lease. Goldman meanwhile maintains Sell with $2.60TP.
OK, see more downgrades by Goldman n CIMB, along with OCBC. Reasons are the higher costs from diesel more costs to transport wastes, etc, and mainly, they feel the positives are already in the price.
UBS gives conviction buy saying costs will come down as Sebuku ramps up n earnings will outperform.
My own opinion is that we need to get past this debt-ceiling fear period, then it will be easier to see if SAR is fairly priced or underpriced or overpriced. SAR has been holding near its recent highs, unlike most other stocks that have come down recently. Locally banks are strong n commods are coming back.
May have said diesel price up 50% QoQ instead of YoY. QoQ should only be up 15%. This is the main prob causing the slightly weaker result 2Q compared to 1Q.
Generally speaking, I think SAR deserves a higher valuation in our market. From experience, I think our market, after this debt-ceiling crisis is resolved(one way or another), will give SAR a higher valuation than this, assuming we don't have a general equity collapse. Despite SAR's slightly weaker 2Q compared to 1Q, we should not forget that both 1Q and 2Q are both 50%+ above the normal quarters of 2010, and so far 2H is up 133% YoY. And dividend may be close to twice 2010. How many other stocks locally can give u this? Stocks with a pedigree, easy to understand model and in a growth sector with strong demand?
From experience, this is still a decent horse to pick in this market. Commodities, esp energy-related ones will remain strong, and so will prices, growth and demand.
Straits Asia Resources: Downgrade to HOLD positives likely priced in
By Carey Wong Fri, 29 Jul 2011, 09:26:21 SGT
Straits Asia Resources (SAR) reported 2Q11 revenue rising 17.9% YoY (+5.7% QoQ) to US$225.8m, lifted by higher ASPs while net profit jumped 67.5% YoY to US$38.9m, though it fell 5.9% QoQ. For 1H11, revenue grew 27% to US$439.5m, meeting 47% of our FY11 forecast, while net profit surged 133% to US$80.3m, meeting 53% of full-year estimate. SAR also proposed an interim dividend of 4.24 US cents. Going forward, SAR expects the longer-term outlook to remain robust, with all the main importing nations in Asia demonstrating “unrelenting appetite” for reliable coal supplies over the medium to long term but repeats its cautionary note on industry pressures on costs, inflation and oil prices. Although we modestly raised our FY11 estimates by 0.9-1.5%, which in turn bumps up our DCF-based fair value from S$2.91 to S$2.99, we note that most of the positives may have already been captured in the share price. Hence, given the limited upside from here, we downgrade our call to HOLD.
1H11 results mostly in line. Straits Asia Resources (SAR) reported 2Q11 revenue rising 17.9% YoY (+5.7% QoQ) to US$225.8m, aided by higher ASPs (US$94.60/ton, +31.1% YoY/+15.1% QoQ) although sales volume dipped slightly to 2478 tons (-13.3% YoY/-7.5% QoQ). While gross margin improved to 30.1% in 2Q11 from 24.3% in 2Q10, it was lower than the 34.0% recorded in 1Q11 this was mainly due to higher diesel costs (+16% QoQ, +50% YoY). As a result, net profit fell 5.9% QoQ to US$38.9m, even though it jumped 67.5% YoY. For 1H11, revenue grew 27% to US$439.5m, meeting 47% of our FY11 forecast, while net profit surged 133% to US$80.3m, meeting 53% of full-year estimate. SAR also proposed an interim dividend of 4.24 US cents.
Lower coal production in 2Q11. For the quarter, SAR experienced lower coal production at both its mines – Jembayan saw a 4.6% YoY and 3.0% QoQ decline to 2352 tons while Sebuku registered a 41.7% YoY increase (but 28.4% QoQ drop) to 282 tons. According to management, the quieter production was mainly due to waste movement and higher strip ratios (Jembayan at 11.44, +6.1% YoY/+22.4% QoQ Sebuku at 7.48, +24.0% YoY/+42.5% QoQ). While it is also going into the seasonally weaker quarter in 3Q, SAR stressed that the mine plans for 2011 remain on track with the first sale of coal from Sebuku’s northern leases anticipated in 4Q11. It further expects the longer-term outlook to remain robust, with all the main importing nations in Asia demonstrating “unrelenting appetite” for reliable coal supplies over the medium to long term.
Keeping an eye on rising costs. On its higher ASP of US$94.6/ton for 2Q, management notes that this also came about with increasing use of index-linked pricing this as about half of the remaining shipments for this year are priced on an index-linked basis. And as of 30 Jun, SAR has committed around 87% of its planned 2011 production for sale. Meanwhile, management has repeated its cautionary note on industry pressures on costs, inflation and oil prices. This suggesting that cash cost for both mines could continue to rise for 2Q11, Jembayan +29.3% YoY/+28.8% QoQ Sebuku +5.5% YoY/+43.4% QoQ. Management also expects the effective tax rate, which fell to 27% in 2Q11, to trend upwards in 2H11 towards its 30-33% guidance.
Downgrade to HOLD. Although we modestly raised our FY11 estimates by 0.9-1.5%, which in turn bumps up our DCF-based fair value from S$2.91 to S$2.99, we note that most of the positives may have already been captured in the share price. Hence, given the limited upside from here, we downgrade our call to HOLD.
I remember when SAR was abt $2.50, Goldman put it on its " conviction sell list" with some cockamamie reason. Later on when SAR jumped up to 3.00, Goldman was buying back at those prices, either covering their short or whatever. I remember Goldman put a sell on keppel corp when it was $4+, giving target of $3+, if I remember correctly.
Anyway, I think there's some presentation on SAR results and hopefully we'll get some clarification on whether they expect diesel prices to go up further(unlikely), or whether diesel has come down since. Also why they had to move off more waste than expected. That could just be a anomaly as the earth covering and mixed in with the coal can't be expected to be even thru the whole field.
Demand is obviously very strong and also ASPs. If production can sustain or improve a bit from these levels, I think 3Q and 4Q will be better than 2Q.
Acc to what I read, OCBC changed its analyst and the new one has downgraded SAR to hold from buy, tho he upgraded the fair value. However, from what I read in media, it seems like the analyst does not know what he is talking abt. He calls the next two Qs seasonally weaker, but last year after the collapse of the loadout and the very wet weather, it was performance in the 2H 2010 that made up for the losses and stoppage. It is also implied that becos the 2Q is down from 1Q(due to diesel costs up 50% qoq and more waste to move away), thus it is negative. But 1Q was such a massively huge jump up, 270% yoy, and way above the other normal quarters in 2010(at least 50%+), that if 2Q2011 comes down a bit, it's nothing too negative. 2Q is still way above the normal quarters of 2010.
Having worked as an analyst myself 15 years ago, I know that I can write a report that either pushes for a buy or sell easily. The only way u can be correct on it is if you have experience as an investor and trader.
There is no other stock in this market that has given 50%+ earnings growth QoQ and 100%+ earnings growth YoY except SAR.
In the shortterm, because of the US debt ceiling situation, we probably won't see much buying interest in ANY stock until this situation is resolved one way or another. For SakariRe, think the dividend coming cum 5cts(not yet cum) will support shareprice and also the strong results will support during this uncertain period, and once the situation is resolved either up or down, then Sakari may see buying interest or reiteration of buycalls/ratings that might support higher prices than presently.
Assuming 2H is not too different from 1H(usually 2H is better), one would be expecting maybe fullyear US 15cts EPS, let's say Sing 20cts EPS. Thus at S$3, SAR or Sakari Resources would be at 15X PER, n maybe give a total div of US 10cts. That's OK, but would not be a compelling valuation to call a buy.
What would drive the price is when the Sebuku mine ramps up production eventually to 4-5MT from the 1+MT target this year. The Sebuku coal is the expensive one n if ASPs stay around here, let's assume another 3MT= another US$300M revenue added, with costs around US$60, let's assume US$40 profit=US$120M additional profit, let's round it off to US$100M. So add to present fullyear 2011 assumed profit of US$160M, maybe profit can up 60% from here eventually, giving EPS of US 25-30cts, means S$0.30+ EPS. So at $3 shareprice like today, PER would be 10X, n 15X would be S$4.50.
That would be the argument n driver for higher prices from Sakari Resources. Also I think coal stocks will be given a higher profile and valuation in the markets as investors and companies now see how valuable coal is compared to other assets(as per Bumi Resources on LSE thru reverse of Vallar). Companies are going around buying up coal assets everywhere n don't forget Sakari has assets in Mongolia also.
Increases driven by mainly higher ASPs closer to $100. Production on track mostly following May guidance.
Negative was costs of diesel fuel up 50% QoQ and also waste movement costs, but these largely offset by higher ASPs n more production.
Dividend for 1H is 4.24 US cts. Not bad.
My comment: Almost exactly what I expected, 2Q result is against a higher base from 2010, so expected 50-100% YOY increase, not the 270% YOY of the 1Q. Was worried abt higher diesel costs but turned out not as bad as I thought. Good that production plans are on track, the dry and hot weather must be helping. One interesting point, there was some study done on whether SAR could extend its coal areas into the shallow waters off Sebuku, this would be more difficult technically and costwise, but would expand the available fields significantly.
I am comfortable with SAR at this price, but mindful of market risk from the US debt ceiling situation(I think we will see a downgrade but not a default), since PTT paid CASH S$2.69 for the last tranche 26% of SAR(now they have 46%), I think this is a vote of confidence in the future prospects of SAR and we also have some respectable singkies like ex-GM of Temasek Holdings as deputy chairman on the board of SAR, with the pedigree and backing of PTT, IMO this is a respectable stock that is investment grade and with earnings and production expanding, not too bad as an investment, albeit in a difficult general market.
Abt the name change, I don't really know what " Sakari" means, but as long as it goes up and produces good numbers, I don't care.
Indonesia’s only state-controlled listed coal miner, Perusahaan Tambang Batubara Bukit Asam, reported a 79 percent surge in first-half profit as sales increased amid higher coal prices.
Net income at the South Sumatra-based company rose to Rp 1.6 trillion ($189 million) in the first half of the year from Rp 900 billion in the same period last year, a company official said on Tuesday.
Bukit Asam sold 6.56 million tons of coal in the first six months, up 2 percent from a year earlier, spokesman Ahmad Sudharto said. At the same time, the average coal price rose 27 percent to Rp 760,500 per ton for domestic sales and jumped 62 percent to $98.80 per ton for exports, he said.
Those higher prices helped to push Bukit Asam’s revenue to Rp 5.1 trillion in the first half, up 35 percent from a year earlier.
Bukit Asam expects to produce 17.6 million tons of coal this year to meet demand, Sudharto said, after producing 12.5 million tons in 2010. That would represent a 40 percent increase.
The company also forecast its net income to surge 50 percent to Rp 3 trillion this year, from Rp 2 trillion in 2010.
“We have achieved more than half of our target in the first half of this year. So we are sure that we can reach the target,” Sudharto said.
Thermal coal traded at $121 per metric ton on the global COAL Newcastle index, the benchmark for Asian utilities, at Friday’s close. It reached a high of $140 in January as floods swamped Queensland in eastern Australia, a big coal-mining region.
Nico Omer Jonckheere, an analyst from Valbury Asia Futures, said Bukit Asam would continue to benefit from rising coal prices, which in turn would help to boost profitability this year.
“With the current performance, I am sure that Bukit Asam can meet its full-year target,” Jonckheere said.
Bukit Asam produces coal in the range of 5,300 calories per kilogram to 7,000 calories per kilogram, which is used as fuel for power generators.
The firm sells 66 percent of its product to local clients including state-controlled utility Perusahaan Listrik Negara, and the remainder is exported to countries including China, Japan, Malaysia, Vietnam, Taiwan, Thailand, India and Pakistan.
Bukit Asam has said it plans to build power plants to support its operations and build a railway to transport fuel from its center of production in Tanjung Enim to seaports in Tarahan Bay, both in South Sumatra. The construction of the railway is expected to be completed in 2014, the company’s president director, Sukrisno, said earlier this year.
Bukit Asam rose 0.7 percent on the Indonesia Stock Exchange on Tuesday to close at Rp 21,050. Its shares have fallen 12 percent this year.
The opening comments by CEO Greg Boyce on Peabody Energy’s (BTU) July 20th conference call were enlightening.
In addition to making a compelling case for continued strong demand for met and thermal coal, he also signaled, (at least to me) that Mongolia’s coal exports from Tavan Tolgoi will disappoint over the next several years. However, what’s bad for coal supply is good for coal prices. Companies poised to benefit from the coming coal shortage will be excellent long-term investments.
An easy yet powerful way to get exposure to what Boyce calls the coal super-cycle is to buy KOL. KOL is an ETF that has coal companies as well as mining equipment makers. KOL is especially exciting because it has a good mix of foreign coal-related companies. Boyce said,
The world remains in the early stages of a long period of major demand growth and so-called one-time events in the industry that constrain supply now occur each quarter.Global coal demand remains robust. World steel production is up 8% year-to-date. Globally, the world will use an additional 70mm to 80mm tons of metallurgical coal this year. Electricity generation is rising rapidly in developing countries and coal is backfilling for nuclear power in Europe.
The consumption of an additional 70mm-80mm tons of met coal this year is a very significant amount.The entire global seaborne met market is just 250mm tons.China produces and consumes domestically about 550mm tons and will probably import 40mm tons of met coal over this year. As Japan bounces back, India grows to become the biggest importer of met coal and Brazil begins to ramp up for both an Olympics and a World Cup, 2012’s incremental met coal consumption could top 100mm tons. Boyce continued,
China remains a cornerstone of growth. First-half GDP grew 9.6%. Electricity generation increased 14% and steel output was up 10%. Last quarter, there was concern over an easing of China imports, yet imports have now risen for the past four months and we believe we're on a pace for a stronger second half.
There are several factors supporting Boyce's thesis of steady to stronger growth in the 2nd half.First, headline inflation may have peaked, allowing the government to ease its tightening stance. Second, the frequently cited build out of 10mm social housing units is picking up steam in the second half. Third, China is in year 1 of its 12th 5-year plan. The first 2 years of a 5-year plan typically sees higher expenditures than the last 3 years.
India is now the world's fastest growing importer. Their thermal coal imports are up 45% year-to-date. Europe’s thermal coal imports are increasing as Germany closes its nuclear plants and coal displaces high-priced gas. And, escalating demand growth continues to strain global supplies to the point where any external events take on magnified importance labor stoppages, rains, permitting challenges and transportation issues are common.
India is in big trouble.The Indian government under-estimated thermal coal demand by expecting non-coal energy sources like gas and nuclear to ramp up quicker than they have.On the supply side, the government allocated a significant number coal exploration blocks, many of which they thought would be in production of coal by now.However, government red tape and environmental challenges have delayed this badly needed new supply.When coal prices rise rapidly and there’s little to no domestic supply response, that’s proof of a problem that can’t be fixed quickly.The only answer is more imports.
I’m surprised that more has not been written about Boyce’s important observation that coal in Europe is displacing high-priced natural gas.Combined with Germany's closing of its nuclear plants and Japan’s thermal coal demand bouncing back next year, this is extremely bullish for thermal coal pricing.Boyce has been pitching his coal super-cycle theme for some time now.Fundamentals have only gotten tighter.
Strong near-term fundamentals have kept international pricing near record levels for both met and thermal products, with recent settlements coming in higher than most expected. Longer-term the world could need more than 500mm tons of additional met coal per year by 2020 and some 700 gigawatts of new coal-fired electricity generation is expected to be online by 2020, requiring well over 2 billion tons of additional thermal coal. Just consider this: China's 12th 5-year plan targets $100 billion in investments in generation, transmission and subway construction activities by 2015.
Two billion tons of additional thermal coal supply by 2020?That equates to twice the current coal consumption of the U.S.As dominant thermal coal exporting nations like Indonesia and South Africa require increasing amounts of coal to be consumed domestically, where will the world find an additional two billion new tons?
With regard to Peabody's recently announced win of a coveted spot on Mongolia's Tavan Tolgoi synchronized mining team, Boyce answered an analyst question as follows:
It's premature for us to get into much detail on those projects, but I think as we're looking at them now, as they begin to develop, you're talking about a development horizon that would probably take us 24 to 36 months and then begin to start to build the mine out, and probably on both of those fronts in a three to five-year window before you see coal coming out and so that's at the highest level.
Wow!My read - 2-3 years to develop BEFORE they start to build the mine.And that’s not 2-3 years from today, but 2-3 years from when parliament signs off on the project, which could still be a long way off.The Koreans and Japanese are contesting the whole process as unclear and unfair. Let’s say that the clock starts ticking on 1/1/2012.Next, Peabody will have to complete a project development plan that will be unprecedented in its complexity. Peabody needs to reach consensus among a Russian railroad (the Russian government), a Chinese coal producer (the Chinese government, Mongolian interests (the Mongolian government) AND the Mongolian people who will directly own shares in the project.
More likely, it will take 3-4 years of development / consensus building.That would take us until 2015-16 before Tavan Tolgoi is in meaningful production, and 2016-17 before the project reaches 15mm tons of coal production, of which Peabody will control 3.6mm.
We have a number of partners with China with the Russian railroad and as well as the government of Mongolia. But we're fairly confident that, at a 15mm ton a year level, the Cap-ex will come in at a number that's consistent with what we would see in a normal surface mine that we would be building.
Even after the logistical nightmare of rail lines, bridges, roads, power plants, mining camps, schools, hospitals and air strips is resolved, at considerable expense for all involved, the costs of delivering the coal to the end user will ensure that margins will be merely mediocre.My guess is that this project will be an epic waste of time and financial resources. Worse yet, the labor, equipment, contractors and consultants that will be tied up in this mess will be largely unavailable to help other emerging Mongolian coal producers.I am convinced that Mongolian exports of met coal will disappoint over the next several years.
If my thesis on Mongolia is correct, then these statements from the CEO of Peabody lead to the inescapable conclusion that coal prices will stay stronger for longer. To recap, India's coal demand is higher than expected and its domestic supply lower. Germany is phasing out nukes and coal and natural gas will have to fill in the gap. Japan's coal demand is rebounding and will pick up pace next year. Brazil has to build infrastructure, stadiums and housing for an Olympic Games and a World Cup. Natural gas prices in Europe are rising, enabling lower cost coal to be used. The world needs Mongolia to be producing 50mm tonnes of coking coal in 5 years, it won't be, and export growth from South Africa and Indonesia will be anemic due to domestic needs for the coal.
Yet, the story doesn't end here. Although Boyce raised crucial issues, other factors coming into play also suggest that global coal supply will fall short. China's coal reserves are not nearly as large as many suspect. I calculate that by 2016 China may only be able to count on 14 years of remaining coal, see here.
In addition, It appears that hopes of alternative energy saving the day have been diminished by the recent setback in nuclear energy due to Japan's terrible earthquake. Elsewhere, In other countries, the planning and building of new facilities will be materially delayed and some will be canceled. And, new studies pose serious questions about wind power's ability to adequately replace base load coal-fired electricity. Finally, Jim Chanos is famously shorting all things wind and solar. He believes that neither are economically viable without subsidies. The stock prices of many of these companies have been crushed and raising capital in these industries just got a lot harder.
Considering what Boyce said and contemplating these additional factors, the question may not be if coal prices will remain at or above current levels, but how high might they go and how soon will the world realize high prices are here to stay. Investing in coal company stocks before this scenario becomes conventional wisdom could make for an excellent long term investment. The best way to get invested in a wide range of companies that will benefit from the global demand for coal outstripping incremental supply is to buy KOL.
Acute shortage of coal in the country is likely to derail the ambitious power capacity addition targets of 90,000 mw to the current 100,000 mw in the upcoming 12th Plan Period (2012-17), the Confederation of India Industry (CII) has said. Coal India Ltd (CIL), which is also the world’s largest producer of the mineral, has scaled down its production targets for 2011-12 to 452.0 million tonnes (MT) from the targeted 460.5 MT in 2010-11.
Moreover, during 2010-11, against the target of 460.5 MT, only 431.3 MT was produced due to a delay in getting forest clearances, non-completion of contracts due to litigations and law and order problems in areas.
Compounding the issue, the industry chamber said that CIL has not signed fuel supply agreements (FSAs) and is unable to commit delivery of coal conforming to the sanctioned linkage quantity for the last two years. Consequently, lenders are reluctant to fund new projects.
“With the power ministry estimating that about 17,000 MW of new and upcoming projects not likely to start operations and 5,593 MW of plants likely to generate only 42% of their actual output due to fuel shortages, the Indian power industry is clearly witnessing a crisis,” the CII said.
“Power shortages due to lack of coal may impact the industry severely unless these issues get addressed,” said Chandrajit Banerjee, director-general, CII.
“Clearly, the Indian government and the coal and power industries will collectively need to take action to mitigate the impending power crisis in the country as coal is expected to remain the mainstay of power production in the country in the foreseeable future,” said Anil Sardana, chairman, CII national committee on power, and managing director, Tata Power Company Ltd.”
JOHANNESBURG (Reuters) - About 150,000 South African coal workers seeking 14 percent wage increases plan to walk off the job from Sunday in a strike that could dent exports and hurt power supplies in Africa's largest economy.
Hundreds of thousands of union workers have downed tools in recent weeks, or are threatening to do so, seeking raises double or triple the 5 percent inflation rate in the mid-year bargaining session known locally as " strike season" .
Lesiba Seshoka, spokesman for the powerful National Union of Mineworkers (NUM), said employers have offered between 7 to 8.5 percent. No talks were in prospect over what would be one of the largest work stoppages in this strike season.
" The strike will hit hard the stockpiles at Eskom, which are at their lowest ever," Seshoka told Reuters.
South Africa's state utility Eskom relies on coal for most of its electricity production and usually has about five to six weeks' supply available.
The Chamber of Mines is negotiating on behalf of several coal miners, including Anglo Thermal Coal SA, Exxaro, Optimum Coal and Xstrata Coal.
Eskom, battling a power crunch that threatens the energy-intensive mining sector, is facing strike threats from NUM workers at the state utility seeking 16 percent wage increases.
Employers over the past two years have struck wage deals averaging about 8 percent, a survey said, with many firms seeing the above-inflation settlements as a necessary cost of doing business in South Africa. They have also slashed jobs over the period to make up for the higher personnel costs. Continued...
THERMAL coal is a key mineral that serves much of the world's energy requirements. Like crude oil, natural gas and nuclear sources, coal has a massive global industry built around its production, consumption and utilisation. A major difference of thermal coal from these energy sources is that it involves less processing costs, yet generates considerably more carbon emissions.
On the supply side, Indonesia and Australia are among the world's largest exporters of thermal coal. On the demand side, the triangle of developing Asia that spans China, India and Asean relies on thermal coal to fuel much of their industrialisation processes that support their group GDP growth rate of 8.4 per cent, in addition to underpinning the respective economic modernisations.
As the Asian Gateway, the SGX is strategically nestled among these forces of supply and demand, and has introduced an OTC Coal Swap contract. This contract allows producers and consumers to establish mitigation upon the coal price risk and counterparty credit risk.
With regard to the mitigation of the coal price, coal producers are able to use the OTC coal swap to secure long-term sales price to lock in revenue, while electricity generators and other end-users of coal are able to use it to lock in their input cost. Coal traders also benefit from it as it allows them to protect their coal inventory against possible fall in coal prices.
With the OTC coal swap, market participants are able to neutralise coal price volatility, giving them the certainty and stability needed to enable them to focus on growing their business.
By bringing the OTC Coal Swap contract into SGX for clearing, uncertainties surrounding the credit-worthiness of trading counterparties are mitigated as SGX becomes the central counterparty to both the buyer and seller. SGX AsiaClear clears OTC Swap contracts immediately and efficiently from 8am to 4am the following day, Monday to Friday.
The current OTC Coal Swap contract provides exposure to 1,000 metric tonnes of sub-bituminous coal from Indonesia, FOB. Sub-bituminous coal is classified by the World Coal Institute (WCI) as low-rank coal that is characterised by high moisture levels and low carbon content.
WCI describes the texture as 'typically softer, friable materials with a dull, earthly appearance' as opposed to higher-rank coals that 'often have a black, vitreous lustre'. In terms of reserves, sub-bituminous is the next largest category of coal after the higher-ranked bituminous coal.
SGX will continue to pursue a marketplace that provides effective hedging instrument to manage coal price risk, ease of taking and liquidating positions with no risk of physical delivery and reduced counterparty risk to coal market participants.
The writer is director, sales & clients, at Singapore Exchange Ltd
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