Angang Steel’s Q3 Preliminary Results Beat Expectation, No-Moat Rating Intact
Angang Steel reported preliminary third-quarter 2016 earnings that beat our expectation, with net profit reaching around CNY 677 million versus a net loss of CNY 1.04 billion same period last year. Management attributed the strong performance to lower raw material price and stringent cost control. Thanks to the strong third-quarter results, net profit for the first nine months of 2016 surged to about CNY 977 million, which is higher than our full-year earnings forecast of CNY 867 million. We wil...
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