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招银证券4月20日发布公告。Going forward, we expect sequential improvement in production volume as the water storage issue as a result of rainfall will be gradually improved. We have left our earnings forecast unchanged and maintain our BUY rating with NPV-based TP of HK$48. Since the inclusion in Stock Connect on 13 Mar, Southbound holdings in Yancoal has been increased to 1.48%. We expect fund inflow to continue, given that YAL offers scarcity value for Mainland China investors who are looking for opportunities in seaborne coal sector, high dividend yield (2023E: 24%) and low valuation (2.1x 2023E).