Sumitomo Metal Mining

SMM – Guidance Makes Little Sense

Equity Bottom-Up
239 Views, 11 May 2022 08:28
EXECUTIVE SUMMARY
  • SMM beat at the PTP level by 10% driven by the surge in nickel prices but guided for just ¥194bn undershooting consensus by 9.3%. 
  • We do not find guidance credible at all as it would defy historical trends to a very large degree. 
  • In fact we believe that excluding one-off gains from the sale of Sierra Gorda, PTP could actually be up YoY.
detail (2-minute read)
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Mio Kato
Japan/Asia Long-Short
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

Over 15 years analysing Japanese and Asian stocks from a long/short perspective I focus on cyclically driven sectors su... 

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