Volume growth normalizing: As expected, Daqin Railway’s coal throughputgrowth normalized to 32.2% YoY in Aug-17 on higher base, vs. 44.1% YoY in Jul-17.Sequentially, the 38.4mt volume was up 5.8% MoM from 36.3mt in Jul-17. In thefirst eight months of 2017, Daqin’s coal volumes rebounded significantly by34.3% YoY vs. -22.6% weakness in the same period of 2016.

Demand remained robust: The normalized volume growth was partially led by ahigher volume base in Aug-16 as demand began to recover with less volumedecline at -13.6% YoY from -26.7% YoY in Jul-16.While average coal price in Aug-17 reached Rmb607.8/ton (+29.0% YoY/+1.8%MoM vs +42.6%YoY/+4.9% MoM in Jul-17), coal inventory at Qinhuangdao surged102.2% YoY to 5.48mt, up 1.2% MoM from 5.42mt in Jul-17.

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