Baosteel’s Strong 2016 Preliminary Results Beat Our Expectation; Fair Value Estimate Intact
No-moat Baosteel’s 2016 net income is expected to increase by about 770% year over year to CNY 8.8 billion. The results beat our expectations, exceeding our full year estimate by about 10%. Management attributed the strong performance to higher sales volume and effective cost-cutting measures. We are maintaining our earnings forecasts and fair value estimate for Baosteel, pending more detailed information from its final results. We believe that Baosteel has benefited from the strong recovery in ...
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