Angang Steel’s Stellar 2016 Preliminary Results Beat Our Expectations; Fair Value Estimate Intact
No-moat Angang Steel’s 2016 net income is expected to surge strongly to CNY 1.6 billion from a net loss of CNY 4.6 billion in 2015. The results beat our expectations, exceeding our full-year estimate by about 27%. Management attributed the strong performance to higher steel prices and effective cost-cutting measures. We are maintaining our earnings forecasts and fair value estimate for Angang Steel, pending more detailed information from its final results.We believe that Angang Steel has benef...
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