Posco’s Fourth-Quarter Results See Margin Compression in Steel Segment
Although Posco’s 2016 net profit of KRW 1.36 trillion was a significant turnaround from 2015’s KRW 181 billion, the results trail our expectations due to a weaker-than-expected fourth quarter, on falling steel margins and higher losses from the engineering and construction, or E&C, division. However, we raise our 2017 earnings by 35%, as we think the kitchen-sinking exercises are mostly complete. Meanwhile, we cut our fair value estimate to $45.50 per ADR (KRW 210,000 per share) from $48 (KR...
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