NSSMC’s 2Q Fiscal 2018 Results Above Guidance, Raised Dividend, Fiscal 2018 Earnings Guidance Intact
Nippon Steel & Sumitomo Metal’s, or NSSMC’s second-quarter fiscal 2018 (ending March) pretax profit (excluding extraordinary items) increased by 24% year over year to JPY 49.6 billion, 5% above its guidance and largely in line with our expectations. With slight revisions up in our forecast, we raised our fair value estimate to JPY 2,040 from JPY 1,990. Nonetheless, we still think NSSMC’s shares are overvalued at the current share price, as competition in the steel industry remains intense gi...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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