Reinitiating Coverage on Angang Steel With No-Moat, Stable Trend Ratings, FVE of HKD 2.70
We are reinitiating coverage on Angang Steel, one of the top 10 steel producers in China, with no-moat and stable moat trend ratings, along with a fair value estimate of HKD 2.70 (CNY 2.30). We still see the firm as overvalued, given our bearish long-term outlook for steel prices.Angang Steel is a pure-play steel producer, with around 85% of its production focusing on flat steel products. Its high exposure to the flat steel end markets--including the automotive and consumer goods sectors, which...
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