Angang Steel's First-Half Results In Line With Preliminary; Increasing FVE on Strong Performance
Angang Steel’s net income increased by around 5 times year over year to CNY 1.82 billion in first-half 2017, in line with its previous profit guidance. We have raised our fair value estimate for Angang Steel to HKD 2.90 (CNY 2.50) from HKD 2.70 (CNY 2.30), following a revision of our valuation model, taking into account the higher average selling price for steel products and better management on its inventories, which resulted in lower impairment charges. Nonetheless, we still think that Angang ...
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