【招银国际】Acquisition of metallurgical coal mine to bring growth and synergies-260415（7页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 eMN 15 Apr 2026 CMB International Global Markets|Equity Research|Company Update Yancoal Australia(3668 HK)Yancoal Australia(3668 HK)-Acquisition of metallurgical mine to

2、 bring growth and synergies Acquisition of metallurgical coal mine to bring growth and synergies Yancoal(YAL)announced after market close yesterday(14 Apr)the acquisition of 80%interest in Kestrel Coal Mine(metallurgical coal mine in Queensland,Australia)for an upfront consideration of US$1.85bn(plu

3、s US$550mn contingent payment based on future coal price).On an attributable basis,the acquisition will add 12%annual saleable coal production for YAL.We see the acquisition value accretive as(1)the idle cash will be deployed to enhance ROE;(2)synergies can be achieved due to the close location to Y

4、ALs existing mines;(3)product mix will be improved as metallurgical coal portion of YAL will be increased to 22%from 16%.While the acquisition valuation of 8.5x 2025 EV/EBITDA is higher than the 5.5x that YAL is currently trading at,we view this as justified due to the growth contribution.The transa

5、ction is expected to be completed by end of 3Q26.We have yet to revise our model awaiting for more financial details(full circular to be dispatched)and the approval from shareholders and different authorities.Maintain BUY(TP under review as the latest share price is higher than our TP).Details of Ke

6、strel Coal Mine.The marketable coal reserves reached 164mt and coal resources reached 406mt in Sep 2025(mine life:25 years).Kestrel produced 6mt of saleable metallurgical coal in 2025.Sales volume was 5.7mt,of which 78%was sold to India,Japan and Korea.The unit cost in 2025(FOB excluding royalties,i