Baosteel’s FY17 Results In Line With Preliminary; FVE Raised to CNY 7.75 on Strong Performance
Baosteel’s full-year 2017 net profit of CNY 19.2 billion was in line with preliminary results of CNY 19.1 billion-CNY 19.8 billion. This represents a year-over-year increase of 111%. A dividend per share of CNY 0.45 was announced, in line with the company’s policy of distributing at least 50% of net profit as dividends. With more clarity on its strong performance, we raise Baosteel’s fair value estimate to CNY 7.75 from CNY 7.40 following a revision to our valuation model and rolling our estimat...
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