Angang Steel’s Preliminary 3Q18 Beats Expectations; Shares Still Overvalued on Overcapacity Issues
Angang Steel announced preliminary third-quarter 2018 earnings that beat our expectations, with net profit expected to increase by around 41% year over year to CNY 2.42 billion versus CNY 1.72 billion during the same period last year based on restated numbers following the acquisition of Angang Chaoyang in September. We expect to raise our fair value estimate for Angang Steel on this strong performance pending further clarity on its third-quarter results which are expected to be announced later ...Angang Steel Company Limited is a China-based company principally engaged in the production and distribution of steel. The Company's main products include hot-rolled steel sheet products, cold-rolled steel sheet products, medium and heavy sheets and other steel products. The Company distributes its products within domestic market and to overseas markets.
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