Trump Win Should Have Limited Impact to Our Asia Steelmakers’ Fair Value Estimates
Asian steel stocks under our coverage suffered from initial knee-jerk reactions as Donald Trump won the U.S. presidential election. Nonetheless, their share prices have mostly recovered shortly after the market opened on Nov. 10. In our view, investors should not overreact to Trump’s win as it should have limited impact to our fair value estimates. That said, we would like to highlight that most steelmakers under our coverage are still overvalued and our no-moat ratings on these companies remain...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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