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Meanwhile, Taifook Securities set target price of 10.6 yuan for Yanzhou Coal Mining based on operating forecast in 2009 with eight times of PE.
The earning per share of Yanzhou Coal Ming will be at 1.683 yuan and 1.183 yuan in 2008 and 2009, respectively, according to Taifook Securities.
Taifook Securities also forecasted 20 percent drop in average annual coal sale prices for Yanzhou Coal Mining in 2009 from this year, on the basis of sluggish coal consumption and substantial spot coal trading of Yanzhou Coal Mining.
Yanzhou Coal Mining predicted 190 percent jump in profit in 2008 with profit growth decelerating substantially in the forth quarter of 2008.
The stock of Yanzhou Coal Mining closed at 8.1 yuan on Tuesday, down 0.36 yuan or 4.26 percent on Shanghai Exchange and ended at HK$4.66, sliding HK$0.11 or 2.306 percent on Hong Kong Exchange.
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