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    Chen Jiang

    Vice President and Equity Research Analyst at Bank of America

    Chen Jiang is a Vice President and Equity Research Analyst at Bank of America, specializing in coverage of US software companies including Microsoft, Salesforce, ServiceNow, and Workday. She is recognized for delivering precise, data-driven stock recommendations, with a consistent success rate above industry averages and frequent ranking in the top quartile among software analysts on platforms like TipRanks. Jiang began her career as an associate at Morgan Stanley in 2013, transitioning to Bank of America in 2017 where she advanced to her current role overseeing software sector equities. She holds FINRA Series 7 and 63 licenses, reflecting her professional expertise and regulatory compliance in securities analysis.

    Chen Jiang's questions to Coronado Global Resources (CODQL) leadership

    Chen Jiang's questions to Coronado Global Resources (CODQL) leadership • Q1 2025

    Question

    Chen Jiang inquired about the debt covenants on the senior secured bonds, specifically any restrictions on raising additional capital. He also asked for the March quarter CapEx figure and details on the levers available to improve the cost position, which is currently tracking above guidance.

    Answer

    CFO Barrie Van Der Merwe clarified that the notes have no maintenance covenants but do have a debt service cover trigger for adding new debt, though certain debt buckets remain accessible regardless. He stated that Q1 cash CapEx was 45% of the full-year low-end guidance (~$100M), with the full year remaining on track. Van Der Merwe and CEO Douglas Thompson explained cost levers include the ramp-up of lower-cost tonnes from growth projects and idling Logan's surface operations.

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    Chen Jiang's questions to Coronado Global Resources (CODQL) leadership • Q1 2025

    Question

    Chen Jiang from Bank of America questioned the specifics of debt covenants, particularly restrictions on raising additional funds, sought clarification on the Q1 CapEx spend, and asked about levers to improve the cost position.

    Answer

    CFO Barrie Van Der Merwe clarified that the senior notes lack maintenance covenants but have a debt service cover trigger for new debt, though certain debt buckets remain accessible. He confirmed CapEx is heavily front-loaded, with 55% of the annual cash CapEx spent by April, but the company remains on track for its full-year guidance. He and CEO Douglas Thompson highlighted that cost improvements will come from the $100M cost-out plan focused on U.S. operations and the ramp-up of lower-cost tonnes from the new growth projects.

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    Chen Jiang's questions to Coronado Global Resources (CODQL) leadership • Q2 2024

    Question

    Chen Jiang of Bank of America followed up on the cost improvements at Curragh, asking if the current fleet and personnel levels are the new norm. He also inquired about the drivers for the high price realization and the narrowing discount for PCI coal.

    Answer

    CEO Douglas Thompson confirmed the fleet removals represent a permanent step-change in costs and the current setup is stable for the long-term plan. CFO Gerhard Ziems explained that the strong price realization was due to a time lag in a falling price environment and attributed the narrowing PCI discount primarily to the temporary market disruption caused by sanctions on Russian coal.

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    Chen Jiang's questions to Coronado Global Resources (CODQL) leadership • Q1 2024

    Question

    Chen Jiang from Bank of America asked for details on the narrowing PCI price discount, potential product mix changes, and the company's confidence in its full-year operating expense guidance.

    Answer

    Group CFO Gerhard Ziems explained that the PCI price relativity improved mainly because the premium benchmark price fell, causing a 'decoupling' of the indices. He expressed confidence in holding the long-term average for met coal realization. Regarding costs, Ziems and CEO Douglas Thompson affirmed their confidence in the FY24 guidance, citing that high Q1 costs from lower volumes will be offset by significant cost savings from removing four contractor fleets and major productivity gains from draglines at Curragh.

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    Chen Jiang's questions to Coronado Global Resources (CODQL) leadership • Q1 2024

    Question

    Asked about the dynamics of PCI pricing relative to hard coking coal, potential for price improvement through product mix, and the high Q1 operating expenses relative to full-year guidance.

    Answer

    The PCI price relativity improved due to a drop in the benchmark price, but this decoupling may not last. The company is working to mitigate pricing impacts and is confident in its long-term realization. The high Q1 cost was due to temporary volume loss, and the company is confident in meeting full-year guidance due to significant cost-saving initiatives and productivity improvements, such as removing contractor fleets.

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    Chen Jiang's questions to Coronado Global Resources (CODQL) leadership • Q4 2023

    Question

    Inquired about the reasons for the wide discount in price realization against the benchmark, specifically the role of PCI coal and Russian supply, and asked for details on the quality and market position of their U.S. coal.

    Answer

    The company attributed the Q4 price realization dip to a lag effect as benchmark prices rose sharply, a higher mix of PCI coal in delayed shipments, and broader market pressure on PCI from discounted Russian supply. They clarified that their U.S. PCI is a high-quality, premium product.

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