Posco’s Third-Quarter Results Beat on Better Margin; Raising FVE to USD 48 per ADR
No-moat Posco’s cumulative nine-month net profit of KRW 1.19 trillion was a significant improvement from a net loss of KRW 5 billion over the same period last year. In particular, third-quarter results were above our expectation on the back of higher steel price and improved margins. Taking into account the better performance, we lift our 2016-18 earnings estimates by 26%-37%. Nonetheless, we think third-quarter earnings likely represent a cyclical peak, as higher coking coal prices will kick in...POSCO is engaged in the manufacture and distribution of steel rolled products and plates in the domestic and overseas markets. Co. manufactures and sells a diversified line of steel products, including cold rolled and hot rolled products, stainless steel products, plates, wire rods and silicon steel sheets. Also, Co. is able to meet a broad range of customer needs from manufacturing industries that consume steel, including automotive, shipbuilding, home appliance, engineering and machinery industries. Co. operates two steel plants, Pohang Works and Gwangyang Works in the Republic of Korea.
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