Baosteel’s 3Q Earnings Beat on Strong Steel Performance; FVE Raised to CNY 6.80
Baosteel’s third-quarter 2017 EBIT increased by 60% year over year to CNY 6.06 billion on a comparable basis. Management has guided for full-year 2017 net profit to increase by more than 50% year over year, which we think it could easily beat, given that nine-month 2017 net profit has nearly doubled year over year. We are raising our fair value estimate to CNY 6.80 from CNY 6.50, following a revision in our forecasts that takes into account the firm’s strong third-quarter results. Nonetheless, w...
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