NSSMC’s 3Q Fiscal 2018 Results Largely In Line; Fiscal 2018 EBT Guidance Intact; Dividend Raised
Nippon Steel & Sumitomo Metal’s, or NSSMC’s, third-quarter fiscal 2018 (ending March) pretax profit, or EBT (excluding extraordinary items), decreased by 15.7% year over year to JPY 67.9 billion, largely in line with our expectations. This was mainly driven by lower EBT from the steel and system solutions divisions. We have raised our fair value estimate to JPY 2,130 from JPY 2,040 following a revision to our valuation model and after incorporating our latest commodities price forecast. Our ...Nippon Steel & Sumitomo Metal and its affiliates are mainly engaged in the manufacture and sale of steel products, chemicals and nonferrous metals. Co. is also involved in the engineering and construction works; the manufacture and sale of semiconductor components and materials, electronic components and materials, metal-processed products, and ceramic components and materials; the manufacture and sale of chemicals products, coke and coal tar chemicals products and electronic materials; and the provision of engineering and consulting services pertaining to computer systems.
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