Angang Steel’s Third-Quarter Results Beat Expectations; Increasing Fair Value Estimate to HKD 2.70
No-moat Angang Steel’s cumulative nine-month net profit of CNY 977 million, up 210% year over year, beat our expectations on better margin. Driven by robust steel price and effective cost-cutting measures, gross margin surged to 13.5% from 10.4% a year ago. We lifted our 2016 earnings forecast by around 46%, taking into account the near-term improvement in margin. On the other hand, our earnings forecasts for 2017-20 remain largely unchanged, as we think the margin improvement is unsustainable d...
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