Maanshan & Baosteel Forged
In September 2016, China's State Council passed down a directive for the top ten enterprises in the iron and steel industry to achieve a total...
625 Views
Angang Shares Discount Cycle-Trough: Buy
INVESTMENT VIEW: Angang Steel Co Ltd (H) (347 HK) shares look to be pricing in a more bearish profit scenario than we currently forecast. Despite...
427 Views
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
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
Policy Easing Pushes Out Our Correction Call, But Headwinds to Return into FY19
INVESTMENT VIEW:Despite having pushed out the timing on our call for a meaningful correction in steel prices, we remain Cautious on the outlook for...
540 Views