Sequential Improvement in NSSMC’s Second-Quarter Results; Outlook Remains Challenging
No-moat Nippon Steel & Sumitomo Metal’s, or NSSMC’s, second-quarter (fiscal year-end March 2017) net profit of JPY 25.6 billion was a sharp improvement from the first-quarter net loss of JPY 14.6 billion, owing to lower restructuring and inventory impairment losses. Nonetheless, the results were below our expectations, with steel segment margins disappointing. We reduce our fiscal 2017-19 earnings forecasts by 12%-39% to factor in the weaker margin, and we cut our fair value estimate to JPY ...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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