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招银证券2月16日发布公告。Yancoal confirmed this morning that a coal price cap advised by the New South Wales (NSW) Government will be effective for 15 months (1 Apr 2023 to 30 Jun 2024). Yancoal is compelled to make available up to 310k tonnes of coal per quarter to domestic power plants. We estimate this will translate into 3.0%/1.7% pretax earnings impact in 2023E/24E, which we think is not significant. Given that the policy of price cap has been in discussion for a while, we believe the confirmation of volume will help remove the overhang. We have left our earnings forecast unchanged as we are awaiting the full set of financial results on 27 Feb. Maintain BUY with NPV-based TP of HK$53.