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MarketLine Department
  • MarketLine Department

Nippon Steel Trading Corp - Company Profile and SWOT Analysis

Summary Nippon Steel Trading Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Nippon Steel Trading Corp (Nippon Steel Trading), a subsidiary of Nippon Steel Corp, is a steel product trading company. It markets steel and related products, industrial supply and infrastruc...

Baoshan Iron & Steel Co., Ltd.: Update to credit analysis

Our credit view of BISC reflects its strong competitive position, constrained by its exposure to volatile raw material prices.

MarketLine Department
  • MarketLine Department

Nippon Steel & Sumikin Bussan Corporation - Mergers & Acquisitions (M&...

Summary Marketline's Nippon Steel & Sumikin Bussan Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Nippon Steel & Sumikin Bussan Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions...

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

Baoshan Iron & Steel (600019 CH): 3Q24: Below expectations; stimulus m...

Baosteel reported 9M24 earnings of Rmb5,882.1m (-29.6% yoy), representing 54% of our full-year estimate and below expectations. Steel products’ gross margin declined to 3.0% (-1.2ppt yoy). Differentiated products’ sales volume increased to 22.55m tonnes (+11.0% yoy), remaining as the key earnings contributor amind the industry downcycle. The company secured 4.66m tonnes of overseas order ytd (+2.6% yoy), and is on track to achieving 6.0m tonnes for 2024. Maintain BUY. Target price: Rmb7.90.

Bella Lu Yifei ... (+12)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Colin Lee
  • Greater China Research Team
  • Johnny Yum Chung Man
  • Ken Lee
  • Kenny Yong Hui Lim
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Ziv Ang Sze Champ

Greater China Daily: Thursday, October 31, 2024

KEY HIGHLIGHTS Results ASMPT (522 HK/BUY/HK$87.00/Target: HK$104.50) ASMPT’s Semi solution business registered better-than-expected revenue and margins in 3Q24 thanks to robust advanced packaging demand, which led to a 10% beat vs our operating profit estimates, although reported net profit ended up below expectations due to forex loss. ASMPT will remain a key beneficiary of the AI investment trend, and we recommend accumulating after its recent share price correction. Maintain BUY. Target p...

Ringo Tang Chi Yu ... (+2)
  • Ringo Tang Chi Yu
  • Ziv Ang Sze Champ

Baosteel (600019 CH): 1H24: Below expectations; differentiated product...

Baosteel reported 1H24 earnings of Rmb4,554.6m (-0.2% yoy), representing 34% of our full-year estimate and below expectations. Steel products’ gross margin rose to 3.7% (+0.7ppt yoy). Differentiated products’ sales volume increased to Rmb15.09m (+17.2% yoy), remaining as the key earnings contributor during the industry downcycle. Steel products’ export volume grew to 3.05m (+2% yoy), on track to achieve the annual target of 6.0m tonnes. Maintain BUY. Target price: Rmb7.90.

Bella Lu Yifei ... (+12)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Greater China Research Team
  • Johnny Yum Chung Man
  • Ken Lee
  • Kenny Yong Hui Lim
  • Ringo Tang Chi Yu
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Ziv Ang Sze Champ

Greater China Daily: Friday, August 30, 2024

KEY HIGHLIGHTS Results Baosteel (600019 CH/BUY/Rmb5.85/Target: Rmb7.90) Baosteel reported 1H24 earnings of Rmb4,554.6m (-0.2% yoy), representing 34% of our full-year estimate and below expectations. Steel products’ gross margin rose to 3.7% (+0.7ppt yoy). Differentiated products’ sales volume increased to Rmb15.09m (+17.2% yoy), remaining as the key earnings contributor during the industry downcycle. Steel products’ export volume grew to 3.05m (+2% yoy), on track to achieve the annual target...

Ceilica Su Rui ... (+2)
  • Ceilica Su Rui
  • Ziv Ang Sze Champ

Baoshan Iron & Steel (600019 CH): 2023/1Q24: Above expectations; diffe...

Baosteel reported 2023 earnings of Rmb11,944.1m (-2.0% yoy), above our expectations. 4Q23 earnings of Rmb3,593.6m (+32% yoy) was boosted by the settlement of one-off tax incentives. 2023 operating profit was flattish at +0.3% yoy. The slump in ASP was offset by lower production cost, which led to flattish gross margin of 6.3%. Sales of differentiated products continued to break new highs and supported their outperformance against peers. Maintain BUY. Target price: Rmb7.90.

Bella Lu Yifei ... (+14)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Ceilica Su Rui
  • Greater China Research Team
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Ken Lee
  • Kenny Yong Hui Lim
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Tham Mun Hon
  • Ziv Ang Sze Champ

Greater China Daily: Thursday, May 2, 2024

KEY HIGHLIGHTS Economics PMI Manufacturing PMI came in better than expected at 50.4% (-0.4ppt) and stayed in the expansionary zone for the second month. It was mainly supported by production and new orders as employment remained a drag, dropping 0.1ppt to 48.0%. Non-manufacturing hit a three-month low of 51.2%, dragged by moderation in new orders and business expectations. We expect policy support to continue and the July Politburo may see new measures being rolled out. Sector Aviation T...

Baoshan Iron & Steel Co., Ltd.: Update following rating affirmation

Our credit view of this issuer reflects its strong competitive position, constrained by its volatile raw material prices.

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

China Commodities: Weekly: US 4Q23 GDP trounces expectations; weak cop...

Stronger-than-expected 4Q23 US annualised GDP data has pushed back the timeline of the first rate cut. Funds are increasingly bearish on copper, with weak global demand outweighing concerns on supply disruptions. The rebound in flat products’ prices saw steel mills’ margins recovering, but it is unsustainable despite rising production due to weak demand amid the low season. Cement demand was hampered by the first cold snap in 2024, with construction continuing to slow as CNY approaches.

Baoshan Iron & Steel Co., Ltd.: Update following rating affirmation

Our credit view of this issuer reflects its strong competitive position, constrained by its volatile raw material prices.

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

China Commodities Weekly: US dollar tumbles on easing Fed rate hike fe...

The US’ weaker-than-expected Oct 23 CPI has eased market concerns of further rate hikes by the Fed, dragging the US dollar to a two-month low. Expectations of more stimulus measures from China are boosting demand outlook for industrial metals and iron ore. Steel mills’ margins expansion continued on the rebound of steel prices, though consumption has slowed. Cement shipment slowed as the northern region entered the low season and the southern region encountered rainy weather.

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

China Commodities Weekly: Easing fears of further rate hikes supportin...

Gold and copper prices gained strength last week with the less hawkish signals from Fed officials and cooling US’ jobs data. Upside for gold prices could be very limited given the declining risk premium on the Israel-Hamas war and rising risk appetite, whereas demand prospects for copper are still clouded by China’s fragile recovery. Domestic construction activities are continuing to gain traction while the recovery in steel prices is driving a margin recovery for both steel mills and cement man...

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

Baoshan Iron & Steel (600019 CH): 3Q23: In line; gross margin jumps 3....

Baosteel reported 9M23 earnings of Rmb8,350.4m (-11.8% yoy), representing 81% of our 2023 forecast, in line with expectations. 3Q23 gross margins expanded sequentially to 8.3% (+3.3% qoq), thanks to lower coal prices and cost-cutting initiatives. 9M23 cost reduction reached Rmb4.89b, exceeding the annual target. The growing differentiated products’ sales and export orders have offset the impacts of lacklustre domestic demand. Maintain BUY. Target price: Rmb7.10.

Bella Lu Yifei ... (+12)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Damon Shen
  • Greater China Research Team
  • Jieqi Liu
  • Jo Yee Ng
  • Ken Lee
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Terence Chiu
  • Ziv Ang Sze Champ

Greater China Daily: Thursday, October 26, 2023

KEY HIGHLIGHTS Strategy Hong Kong Exchange and Hong Kong Property Sector neutral view on the policies related to the stock market. overall impact on the property industry is natural to negative. Results Aier Eye Hospital Group (300015 CH/BUY/Rmb16.61/Target: Rmb21.00) 9M23: Satisfactory results; weak economic conditions may slow revenue growth. Baoshan Iron & Steel (600019 CH/BUY/Rmb6.33/Target: Rmb7.10) 3Q23: In line; gross margin jumps 3.3 ppt qoq to 8.3%. China Overseas Land & Investment ...

Bella Lu Yifei ... (+16)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Damon Shen
  • Greater China Research Team
  • Jieqi Liu
  • Jo Yee Ng
  • Jonathan Koh
  • Ken Lee
  • Kong Ho Meng
  • Kwanchai Atiphophai
  • Nurul Nazira Binti Abdullah
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Sunny Chen
  • Ziv Ang Sze Champ

Regional Morning Notes - Thursday, October 26, 2023

GREATER CHINA Strategy Hong Kong Exchange and Hong Kong Property Sector: Takeaways from 2023 Hong Kong Policy Address: Policies largely in line; Maintain MARKET WEIGHT. Results Aier Eye Hospital Group (300015 CH/BUY/Rmb16.61/Target: Rmb21.00): 9M23: Satisfactory results; weak economic conditions may slow revenue growth. Baoshan Iron & Steel (600019 CH/BUY/Rmb6.33/Target: Rmb7.10): 3Q23: In line; gross margin jumps 3.3 ppt qoq to 8.3%. China Overseas Land & Investment (688 HK/BUY/HK$14.90/Target:...

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

China Commodities Weekly: Safe-haven assets rally on flight-to-safety ...

The flight to safety and a dovish Fed have continued to weigh on treasury yields, which have declined from its 16-year high to 4.58%. The US’ Sep 23 CPI has stoked expectations of another rate hike in Dec 23. More Chinese steel mills are commencing plant maintenance amid deteriorating margins, which has weighed on iron ore demand prospect. Resumption of construction activities remains still slower than expected, with weekly rebar/cement consumption still down 18% and 36% yoy respectively.

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

China Commodities Weekly: Israel-Hamas conflict boosts safe-haven appe...

The Israel-Hamas conflict has boosted the appeal of safe-haven assets. Gold has pared some losses in the past few weeks amid a hawkish Fed. US’ Aug 23 nonfarm payroll came in well above expectations at +336,000. However, the weaker-than-expected wage growth of 0.2% mom could be a signal of decelerating inflation. Steel inventory was +6.7% wow and ended its seven consecutive weeks of downtrend. Steel’s apparent consumption and cement shipment was -15.2%/-8.6% wow during Golden Week holidays.

Ziv Ang Sze Champ
  • Ziv Ang Sze Champ

China Commodities Weekly: Gold extended its losing streak from 25 sep ...

A hawkish Fed, which led to rising treasury yields and a strengthening US dollar, continued to weigh on gold prices, which have been on a losing streak since 25 Sep 23. LME copper saw the widest contango since 1994 with cash-to-three-month discount reaching US$70/mt, partly dragged by concerns on near-term demand. Steel mills saw a steep margin deterioration amid weakening product spot prices and raw material price upticks, which should help moderate production activities.

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