Baosteel’s 2018 In Line, but 1Q Was Below Expectations; Cutting FVE to CNY 6.90
After rolling our model forward and updating our commodities and foreign exchange forecasts to factor in higher iron ore prices, we are lowering our fair value estimate for Baosteel to CNY 6.90 from CNY 7.20. Our no-moat and stable moat trend ratings remain intact. We think Baosteel is slightly overvalued, as we believe the steel industry is highly commoditized and will continue to suffer from overcapacity issues in the long run. The company reported both its full-year 2018 and first-quarter 201...
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