Angang Steel 347

Re: Angang Steel 347

Postby winston » Wed Aug 18, 2010 12:10 pm

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DJ MARKET TALK: Angang Off 1.5%; GS Upbeat Despite Margin Concern

1146 [Dow Jones] Angang Steel (0347.HK) down 1.5% at HK$11.78 as investors likely focusing on likely margin pressure in 3Q09, while ignoring company swinging to 1H net profit of CNY2.75 billion.

Still, with China steel mills raising product prices recently, 4Q recovery expected.

Goldman Sachs expects margin pressure to emerge in 3Q on lower steel product prices combined with production cost likely to inch up on higher raw material prices, but keeps positive view on Angang on view more sustainable steel product prices in 4Q10 on better supply discipline, valuation attractive.

Keeps Buy rating, HK$14.50 target.


Source: Dow Jones Newswire
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Re: Angang Steel 347

Postby winston » Mon Aug 23, 2010 2:21 pm

Not vested. From Phillips:-


Risk

The economy of Europe and America maybe bottom again;
The related price for iron ore is adjusted upwards unexpectedly.


Continue to hold for cautiously optimistic performance

The supply and demand situation of steel in 2H10 is expected to be difficult to improve, and Angang Steel will be enslaved to the largely upwards-adjusting iron ore price. But we are optimistic about the steel prices in 2011.

Therefore, we forecast that the Company will achieve the turnover of RMB 88.3 and RMB102 billion in 2010 and 2011 respectively, with the net profit of RMB3.3 billion and RMB6.3 billion, converted into RMB0.45 and RMB0.87 of the EPS, and the BVPS will reach RMB 7.63 and RMB8.27.

Owing to the significantly fluctuated performance of cyclical industry, we`d like to take the P/B method to perform the valuation. Referring to global peers of Angang Steel, the current average P/B is 1.6 times or so, and Angang Steel's average historical P/B is 1.47 times since listed in the HKSE.

Considering the mediocre performance of the Company in 2H10, we conservatively give it 1.5xPB of 2010F BVPS and 12m TP of HK$13.16, rating Hold.
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Re: Angang Steel 347

Postby winston » Sat Oct 30, 2010 4:38 pm

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DJ Angang Steel 3rd-Quarter Net Loss CNY178 Mln Vs Net Profit CNY1.59 Bln

BEIJING (Dow Jones)--Angang Steel Co. (0347.HK) said Friday it swung to a third-quarter net loss from a net profit a year earlier because of higher transport and crude oil costs.

The Hong Kong and Shenzhen-listed steel maker said its net loss for the three months ended Sept. 30 was CNY178 million, according to Chinese accounting standards, reversing a net profit of CNY1.59 billion.

Revenue rose 25% to CNY23.9 billion from CNY19.2 billion.

Angang Steel is based in Anshan, Liaoning province, and is the listed unit of Anshan Iron & Steel Group Corp. It produces steel plates, small H-shaped steel, train wheels and wheel rims.


Source: Yajun Zhang, Dow Jones Newswires
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Re: Angang Steel 347

Postby winston » Mon Oct 31, 2011 3:37 pm

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DJ MARKET TALK: Angang Steel Off 4.0%;Tough 2012 Sector Outlook -DB

1517 [Dow Jones] Angang Steel (0347.HK) is down 4.0% at HK$4.75, after announcing a 91% on-year decline in its 9M11 net profit to CNY239 million, due to the significant increase in the prices of raw materials and fuels which substantially exceeds the increase in the price of steel products of the company.

The poor results should have been expected following the company's profit warning Oct. 14, with the stock falling 5.4% since then, versus the HSI's 8.2% gain during the same period.

Deutsche Bank says while weak 9 months result should be expected, its 4Q outlook remains uncertain.

"We expect consensus estimates to come down, especially as Angang might be making a loss in 4Q11 with the recent dramatic steel price fall."

It believes the 2012 outlook for steel mills remains tough, with a downward capex cycle for manufacturing sectors, slowing infrastructure investments, and fragmentation issues for steel industry. It keeps Angang at Hold with a target of HK$4.49.

Source: Dow Jones Newswire
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Re: Angang Steel 347

Postby winston » Tue Jan 31, 2012 9:23 am

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DJ Angang Steel Expects Reporting Net Loss Of CNY2.15B For 2011

HONG KONG (Dow Jones)--Angang Steel Co. (0347.HK) said Tuesday it expects to swing to a net loss of approximately CNY2.15 billion in 2011, partly due to a sharp drop in prices of steel products in the fourth quarter.

The Hong Kong- and Shenzhen-listed steelmaker said in a statement that the company recorded a loss in the fourth quarter and, consequentially, a loss for the whole year of 2011.

It also said that, for the 12 months ended Dec. 31, the increase in prices of raw materials and fuels have exceeded the pickup in steel products' prices.

Certain furnaces have temporarily suspended production for repair and maintenance, which have also led to the loss, the company said.

The company reported a net profit of CNY2.04 billion for the year 2010.

Angang Steel is based in Anshan, Liaoning province, and is the listed unit of Anshan Iron & Steel Group Corp. It produces steel plates, small H-shaped steel, train wheels and wheel rims.

Source: Dow Jones Newswires
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Re: Angang Steel 347

Postby winston » Mon Apr 16, 2012 9:05 am

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DJ Angang Steel Expects First-Quarter Loss Of CNY1.89B

HONG KONG (Dow Jones)--Angang Steel Co. (ANGGY, 0347.HK) said it expects to swing to a first-quarter loss of around CNY1.89 billion ($295 million) from a year earlier, due to a "significant decline" in product prices, the Chinese steelmaker said Friday.

The Hong Kong and Shenzhen-listed company said in a statement it recorded a first-quarter profit of CNY71 million in 2011.

Angang Steel, which is based in Anshan, Liaoning province and is the listed unit of Anshan Iron & Steel Group Corp, produces steel plates, train wheels and wheel rims.

In March, it reported a full-year loss of CNY2.16 billion in 2011, as an increase in raw-material and fuel prices more than offset the rise in the price of steel products.

Source: Dow Jones Newswires
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Re: Angang Steel 347

Postby winston » Wed Jun 27, 2012 9:15 am

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DJ MARKET TALK: Angang Top Pick In China Steel Sector - UOB-KH

0828 [Dow Jones] UOB KayHian says despite the prevalent concerns on steel production overcapacity, economic slowdown, shrinking demand and steel price weakness, "we still think the steel sector offers investment opportunities."

The house says there will not be negative shocks with regard to inventory impairment provisions as seen in 2008 because all steel companies have priced iron ore on a spot basis, instead of on an annual basis as was done in 2008.

Also, UOB expects demand from consumer-related sectors (automobile, home appliances, infrastructure and machinery) to offset a slowdown in the property sector, and tips flat steel producers will benefit from a stronger pricing outlook.

The house's top sector pick is Angang Steel (0347.HK) which is primarily a flat steel producer (95% of steel products).

Angang closed up 1.4% at HK$4.29 Tuesday; UOB keeps the stock Buy with a target price of HK$6.50.


Source: Dow Jones Newswire
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Re: Angang Steel 347

Postby winston » Mon Jul 09, 2012 8:52 am

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ANGANG STEEL (00347) expects IR to record RMB1.98B loss as steel price drops 12%

ANGANG STEEL (00347) issued a profit warning, expecting to record a loss of around RMB1.976 billion for the first half of the year as compared to the RMB220 million profit recorded in the same period of 2011.

The estimated loss was mainly attributable to the significant drop in steel price by more than 12%.


Source: AAStocks Financial News
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Re: Angang Steel 347

Postby winston » Tue Jul 10, 2012 9:32 am

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DJ MARKET TALK: DBSV Cuts Angang Target But Says 'Look Forward'

0838 [Dow Jones] STOCK CALL: DBS Vickers lowers Angang Steel's (0347.HK) target price to HK$5.95 from HK$6.30 but keeps the stock at Buy, as it advises investors to "look forward, not backward."

The house says Angang's 1H12 profit warning is worse than expected, but the future outlook is more important; it thinks the selloff in steel shares since the end of March had already priced-in a weak 2012, and the expected earnings recovery from 4Q12 onwards will be a key catalyst.

DBSV holds the view that 2H12 steel prices will increase 2% on-half due to a recovery in demand (September-October is the seasonal peak period) and limited rise in supply for the rest of the year.

Angang fell 5.6% to HK$4.24 Monday after its profit warning.

Source: Dow Jones Newswire
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Re: Angang Steel 347

Postby winston » Sun Aug 19, 2012 6:59 pm

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JPM says ANGANG STEEL (00347) issues pft warning as predicted, cuts TP to HK$5.5
2012-07-09

J.P. Morgan was not surprised at ANGANG STEEL (00347)'s move to issue a profit warning but it pointed out the estimated loss is larger than expected.

The broker deems stock price of ANGANG STEEL has already factored in the tough operating environment of the steel industry and the possible lowering of earnings forecasts by market analysts.

Target price of ANGANG STEEL was cut by the broker to HK$5.5 from HK$6.2.

However, the rating was maintained at Neutral as the broker believes ANGANG's policy to maintain growth can prevent its stock price from going down.

Source: AAStocks Financial News
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