Baosteel’s FY17 Preliminary Results Beat Expectations; Raising FVE to CNY 7.40 on Strong Performance
We have raised Baosteel’s fair value estimate to CNY 7.40 from CNY 6.80 following a revision to our valuation model, which takes into account better-than-expected fourth-quarter results and our latest commodities price forecast. Our no-moat and stable moat trend ratings on the firm are intact. Baosteel announced that preliminary 2017 earnings are expected to increase by 113%-121% year over year to CNY 19.1 billion-CNY 19.8 billion, versus CNY 8.97 billion in 2016, beating our expectations and ma...
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