not vested
<Research Report>ANGANG STEEL (00347.HK) maintained at Hold by Deutsche on disappointing results of last quarter
Deutsche noted in a report that ANGANG STEEL (00347.HK) announced the preliminary loss in the third quarter amounted to RMB1.2 billion, 56% higher than the Bank's estimates; and the net loss of the first nine months was obviously higher than market consensus.
The Bank believes that the oversupply situation and the problem of industrial fragmentation will continue to impact the profitability of steel prices for a long period of time.
As long as the industry does not see any meaningful structural improvements, the steel stocks would not be re-rated, Deutsche said.
Angang Steel's rating is maintained at Hold by the Bank with target price of $3.54.
Source: AAStocks Financial News