Improved First-Half Earnings for Posco; Raising FVE to USD 45 per ADR
Posco's first-half net profit of KRW 652 billion, up 21% year over year, is above our expectation. The surge was mainly due to higher operating margins in the steel segment as product prices increased. However, this was mitigated by weakness in nonsteel segments, as Posco E&C and Posco Energy both reported net losses during the period. To reflect the higher steel selling prices, we lift our 2016-17 earnings estimates by 7%-16%. As a result, our fair value estimate increases to USD 45 per ADR...
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