Steel Authority of India

SAIL: Bottomed Out Valuation; SAIL to Benefit from a Prolonged Steel Up-Cycle

Equity Bottom-Up
130 Views, 13 Jan 2022 17:10
EXECUTIVE SUMMARY
  • We initiate coverage on SAIL with a BUY recommendation and a Target Price (TP) of Rs 150/share, implying an upside of 44% from the CMP
  • While we expect steel margins to come under pressure in H2FY22, they are likely to recover post H2FY22 and remain above cycle average
  • Our optimism is based on the expectation of weak demand in China getting offset by lower production forecasts and China continuing to disincentivize steel exports
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