@Rapstar, I too think Yancoal is cheap (and tempting with its current valuation). That said, management don't exactly have a sparkling good track record and this business simply isn't managed as well as New Hope and Whitehaven. I think this is the main reason its cheap; it is mediocre alongside its competitors.

Their previous comments also suggest a shift away from coal. Part of what makes New Hope beautiful is their conservative management team: they are sensible capital allocators and have demonstrated that they actually give a shit about their shareholders -- large and small. New Hope management shouldn't and won't do something silly, like acquire a random iron ore mine in Mozambique (tongue in cheek here, but you get my point). I can't say the same for Yancoal; management worry me. So despite the attractive valuation, this one is a no for me.