Baosteel’s First-Half Earnings Beat; Increasing FVE to CNY 5.30 on Better Near-Term Margins
No-moat Baosteel reported 2016 first-half net income of CNY 3.5 billion, up about 9% year over year. The earnings beat our forecast and accounted for 85% of our full-year estimate, owing to stronger-than-expected margins. Although we expect steel prices to soften, we increase our 2016-18 earnings estimates by 28-84%, owing to the better near-term margins. In the longer term, we believe China’s steel industry still faces serious overcapacity issues, and capacity cuts in the industry will be a slo...
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