Angang Steel's 3Q Preliminary Results Beat Expectations; FVE Raised to HKD 3.20 on Solid Performance
Angang Steel’s preliminary third-quarter 2017 earnings beat our expectations, with net profit more than doubling to CNY 1.46 billion versus CNY 0.68 billion, a year ago. We raised Angang Steel’s fair value estimate to HKD 3.20 (CNY 2.70) from HKD 2.90 (CNY 2.50), following a revision to our valuation model, which takes into account the better-than-expected results. Our no-moat and stable moat trend ratings remain intact. Management attributed the strong performance to better product mix leading ...
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