Lyonnais downgrades Yanzhou Coal to ¡§lag behind the market¡¨

Credit Lyonnais had broadly downgraded the investment rating of Yanzhou Coal Mining from ¡§buy¡¨ to ¡§lag behind the market¡¨ and lowered its target price from HK$4 to HK$3.2. The fund house explained that although the turnover of he company in the first-half of this year increased 24% and its selling price also rose 11%, while its cost was higher than expected. Yanzhou Coal Mining slumped sharply in the morning and once bottomed at HK$2.55, dropping 8.1%.

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