Nippon Steel & Sumitomo Metal is still affected by China’s overcapacity in steel production.
No-moat Nippon Steel & Sumitomo Metal’s, or NSSMC’s, third-quarter (fiscal year ending March 2017) net profit of JPY 48.4 billion showed marked improvement from the second quarter’s JPY 25.6 billion, owing to better steel segment margins and the absence of inventory valuation losses. The results were slightly above our expectations, and we raise our fiscal 2017-18 earnings forecasts by 4.7%-5.0% to factor in the better margin. We increase our fair value estimate to JPY 1,330 from JPY 1,240, ...Nippon Steel & Sumitomo Metal and its affiliates are mainly engaged in the manufacture and sale of steel products, chemicals and nonferrous metals. Co. is also involved in the engineering and construction works; the manufacture and sale of semiconductor components and materials, electronic components and materials, metal-processed products, and ceramic components and materials; the manufacture and sale of chemicals products, coke and coal tar chemicals products and electronic materials; and the provision of engineering and consulting services pertaining to computer systems.
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