Baosteel’s 1Q 2018 Results Beat Expectations; FVE Raised to CNY 8.00 on Strong Performance
Baosteel’s first-quarter 2018 operating profit increased by 7.2% year over year to CNY 7.1 billion from CNY 6.6 billion during the year-ago period on strong performance at its steel division, as it continues to benefit from cost-cutting and the synergies from its merger with Wuhan Iron and Steel. However, net profit increased by a larger magnitude of 32.6% year over year to CNY 5.0 billion, up from CNY 3.8 billion during the year-ago period. This was mainly due to (1) lower impairment charges on...
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