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...
369 Views
Supply-Side Discipline Eased; Pricing & Profits to Suffer
INVESTMENT VIEW: Beijing will not renew significant cuts to steel production and coal usage this winter. Industry contacts forecast this will...
329 Views
China Steel Industry: Are Overcapacity Issues Resolved?
We remain selective in the Asian steel space, as overcapacity issues are here to stay.China's steel industry has long been affected by overcapacity...
361 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...
448 Views
Energy Drives Commodity Price Gains in May
PRICE FORECAST CHANGES - RAISING COAL; CUTTING GOLD:We raise our annual average Coal (COAL COMDTY) price forecasts by 10% after strong price gains...
116 Views