Reinitiating Coverage on Angang Steel With No-Moat, Stable Trend Ratings, FVE of HKD 2.70

China Rebar Rebounds as Inventories Normalize

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Angang Steel Co Ltd (H) / Equity Bottom-Up

Angang’s profit warning that its first-quarter 2016 net loss will be CNY 615 million is disappointing, especially as steel product prices moved higher over the past quarter.The company indicated that the drop in fuel costs has lagged the decline in steel prices, leading to a margin squeeze.Analysts: Philip Zhong &amp; Chokwai Lee

Angang’s profit warning that its first-quarter 2016 net loss will be CNY 615 million is disappointing, especially as steel product prices moved higher over the past quarter.The company indicated that the drop in fuel costs has lagged the decline in steel prices, leading to a margin squeeze.Analysts: Philip Zhong &amp; Chokwai Lee

Angang Steel's Profit Warning Is Disappointing; Company Unable to Benefit From Higher Prices