Angang Steel’s First-Half Earnings Doubled on Better Margins, Increasing FVE to HKD 2.06
No-moat-rated Angang Steel reported 2016 first-half net income of CNY 300 million, up 94% year over year, mainly attributable to improved steel prices and effective cost-cutting measures. Although we expect steel prices to soften going forward, we increase our 2016 earnings estimate to CNY 867 million from a net loss of CNY 16 million due to the better near-term margins. In the longer term, we believe China’s steel industry still faces serious overcapacity issues, and capacity cuts in the indust...
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