Baosteel’s Third-Quarter Results In Line With Expectations; No Change in Fair Value Estimate
No-moat Baosteel’s net profit for the first nine months of 2016 surged 148% year over year to CNY 5.6 billion, primarily driven by the robust steel price this year. Earnings were in line with our expectations and accounted for 70% of our full-year estimate of CNY 7.9 billion. In addition, management guided to 600%-800% year-over-year growth for 2016 annual profit, which is close to our forecast of 690% year-over-year profit growth for full-year 2016 net income. As such, we maintain our earnings ...
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