Baosteel’s 1H18 Beat Expectations as the Steel Market Remains Tight; Shares Fairly Valued at CNY 8
Baosteel’s first-half 2018 operating profit increased by 39% year over year to CNY 14.2 billion from CNY 10.2 billion during the year-ago period on a strong performance at its steel division as it continues to benefit from cost-cutting and the synergies from its merger with Wuhan Iron and Steel. This implies that second-quarter 2018 operating profit nearly doubled to CNY 7.1 billion from CNY 3.6 billion a year ago. On the bottom line, second-quarter 2018 net income increased by 109% year over ye...
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