Trump Win Should Have Limited Impact to Our Asia Steelmakers’ Fair Value Estimates
Asia steel stocks under our coverage have suffered from initial knee-jerk reactions as Donald Trump won the U.S. presidential election. Nonetheless, their share prices have mostly recovered shortly after the market opened on Nov. 10. In our view, investors should not overreact to Trump’s win as it should have limited impact to our fair value estimates. That said, we would like to highlight that most steelmakers under our coverage are still overvalued and our no-moat ratings on these companies re...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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