Over 25-yrs in Global Materials & Soft Commodities

Charles Spencer

Commodities analyst with over 25-years of experience. Combining industry knowledge with predictive analytics to develop deep insights for market participants making investment decisions and capital allocations.

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Equity Bottom-Up

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

INVESTMENT VIEW: We would sell <a href="https://www.smartkarma.com/entities/203" target="_blank" data-smartkarma-citation="entities:203:1">Angang Steel Co Ltd (H) (347 HK)</a> shares, price target HK$6.50, in expectation of a weaker steel price this summer.STEEL MARGINS AT PEAK: Share prices across the sector have rallied strongly since their 1Q16 lows, with <a href="https://www.smartkarma.com/entities/21125" target="_blank" data-smartkarma-citation="entities:21125:1">ArcelorMittal (MT NA)</a> and Angang Steel shares having roughly tripled during this period. A combination of industrial reform in China and buoyant economic growth across the globe have fuelled a powerful pricing recovery which has also roughly tripled…

INVESTMENT VIEW: We would sell Angang Steel Co Ltd (H) (347 HK) shares, price target HK$6.50, in expectation of a weaker steel price this summer.STEEL MARGINS AT PEAK: Share prices across the sector have rallied strongly since their 1Q16 lows, with ArcelorMittal (MT NA) and Angang Steel shares having roughly tripled during this period. A combination of industrial reform in China and buoyant economic growth across the globe have fuelled a powerful pricing recovery which has also roughly tripled…

Chinese Steel Traders Turn Bearish; Sell Angang PT HK$6.50