Angang Steel: PMI Recovery to Support Shares: Close Short
INVESTMENT VIEW:The recovery in China’s March PMI index to 50.8 shows an unexpected expansion in economic activity. Historically, there is a...
630 Views
Vedanta Resources PLC: Holding Firm Despite Rising Net Debt
Vedanta Resources (VED LN) (Vedanta)’s net debt of USD6.4bn for six months ended 30 September 2018 results in a net debt/EBITDA ratio of 3.2x...
924 Views
Angang Steel: Headwinds Intensify
INVESTMENT VIEW:  The outlook for Angang’s profitability in 2019 is deteriorating quicker than consensus forecasts, we believe. Chinese steel...
509 Views
Angang Steel: More Pain Ahead on Chinese Steel Overproduction. PT Cut to HK$5
We believe overproduction and lower steel prices into 1H19 will lead to material downward revisions in Angang’s NTM EBITDA forecasts and its stock...
479 Views
Economists' Dirty Little Secret: Protectionism Works!
The 1930s provide a cautionary tale -- with rampant protectionism causing global trade to shrink, exacerbating the Great Depression and leading...
528 Views