Baosteel's First-Half Earnings Beat; Increasing FVE to CNY 6.50 on Better Earnings
We raised Baosteel’s fair value estimate to CNY 6.50 from CNY 6.30 following a revision in our earnings model, which takes into account the firm’s strong first-half results. Nonetheless, we still think Baosteel’s shares are overvalued at the current stock price, as we believe the steel industry will continue to suffer from overcapacity issues.Baosteel’s net income increased by 65% to CNY 6.17 billion in first-half 2017, which was slightly above our expectations and the company’s guidance of 50%...
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