Maanshan :Qualitätsstahl aus China !

Könnte noch eine gute Idee noch für 2007 sein ?

DJ MARKET TALK: UBS Keeps Buy On Maanshan Iron, HK$9.49 Target

0857 [Dow Jones] STOCK CALL: UBS keeps Buy on Maanshan Iron & Steel (0323.HK [News / Quote]) on its attractive valuations, leverage on steel prices, with HK$9.49 target (HK$5.60 previously) based on 8.7x 2008E EV/EBITDA, implying 17.5x 2008E PE and 14.9x 2009E PE. Notes 'company's 5mt flat project a strong booster'; but changes in steel ASP, raw material costs as main operation risks. 'Our sensitivity analysis shows that for every 1% change in steel ASP and iron ore, Maanshan's earnings should swing 10.1% and 3.0%, respectively.' Stock last +3.2% at HK$8.34. (SYC) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com


Viel Spaß beim Einsacken !

Gruss Fliege  

DJ MARKET TALK: CS Ups Maanshan Target to HK$9.90 From HK$6.20 Nov 20, 2007 11:11  


1044 [Dow Jones] STOCK CALL: Credit Suisse raises Maanshan's (0323.HK [News / Quote]) target to HK$9.90 from HK$6.20 to reflect positive view on long steel segment, operational improvement of company in 2008E. 'As a result, we expect Maanshan to deliver earnings growth of 44% in 2008E, driven by CNY77/tonnes expansion in unit gross profit as well as 19% volume growth.' Rates Outperform. But keeps cautious view on the Chinese flat steel segment, still notes Maanshan remains the most leveraged play in long product. Target implies 7.4x EV/EBITDA, in-line with global comps, but 20% discount vs Chinese peers. Stock down 0.6% at HK$4.92.(SYC) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com


Fliege  

Maanshan Iron & Steel (0323.HK) jumped 2.3 percent to HK$5.45

after Baoshan Iron and Steel Co 600019.SS the listed unit of China's largest steel maker, said it would raise steel product prices in the first quarter.  

 

rasant gefallen,ist ja wieder am Punkt vom Januar angekommen  

http://www.quamnet.com/fcgi-bin/...l?button=Chart&code=0323&volume=ON  

Und meinst du lohnt sich ein Einstieg?  

Maanshan Iron & Steel (00323) Share price started to rebound from lows in November. The planned listing of China Steel is providing impetus for share price to rise. We expect rebound to continue. Buy $6.10 Target $7.00 Cut loss $5.50  

Maanshan Iron (0323-HK): Iron & Steel Industry Supported by Positive Factors

The HSCEI had missed ground at 9000 following seven days of declines in a row and closed at 8528 on Monday. In reality, the HSCEI has fallen nearly 20 per cent from the high in January, totally erasing the gain in the past three months. The most significant loser goes to banks of financial stocks that had good performance last year. With the index having sunk to the support level, investors are recommended to hunt bargains currently and collect after the stock markets level off.

Among various types of stocks, iron & steel stocks benefiting from such positive factors as a recent increase in steel price, revaluation of Renminbi and growing investment in fixed assets are worth noticing. Analyzed on the basis of supply and demand of the overall industry, steel output in the globe was 1,239.5 million tonnes in 2006, up 8.8 per cent from 2005, while the same in China had ranked the first in the world for the 11th consecutive years; China had broken 400 million tonnes in steel output last year, accounting for one third of the global output, and shifted from net import to net export. The market expects China will maintain an approximately 10 per cent economic growth in 2007 and enjoy a more than 20 per cent increase in fixed asset investment, with real estate investment poised to keep a rise of more than 18 per cent and an about 20 per cent hike in total value of imports & exports. As iron and steel are essential materials for infrastructure projects, the mounting fixed asset investment will be advantageous to the outlook of iron & steel companies.

Industry rectification good to big iron & steel companies

Excess production capacity is one of the major problems in the iron & steel sector. The iron & steel production capacity had been growing over the past years, adding to the domestic output mostly being inferior products and low prices adopted as a means of sales widely, which resulted into a vicious circle in the industry and undermined corporate profits. According to China Iron & Steel Association ("ClSA"), there were 14 loss-making enterprises out of the 83 medium and large iron smelters included into CISA's statistics in the first half of 2006. The Circular on Accelerating the Restructuring of Industries with Excess Production Capacity issued by the State Council last year is a turning point of the industry. Since then, the government has started actively controlling iron & steel capacity growth and weeding out unqualified enterprises. The industry integration will help large iron & steel companies share a large slice of the market and reduce malicious competition.

In the short term, iron prices rallying from low and Renminbi appreciation will help iron & steel companies enhance profits. The figures by China Customs showed the net exports of iron & steel were 29,000 tonnes in January this year, the first consecutive decline since last August, down 21 per cent from the last month. The decrease was mainly attributable to a closing of the iron & steel prices between the US and China. China's iron prices have unexpectedly risen, with the price of hot-rolled plates up over 9 per cent since last December. This reflects strong demand at home and demonstrates the fact that the impact of overseas countries taking protectionism action against the iron and steel from China will be temporary. Revaluation of Renminbi is advantageous to lower the sourcing costs for iron and steel industry. Around 40 per cent of iron ores depend on imports at present, while raw materials centering on iron ores make up 30 per cent to 40 per cent of steel cost. That enables domestic iron and steel industry and enterprises to take a series of measures including production capacity adjustment, merger and restructuring effectively without affecting economic benefits.

Maanshan Iron profits sensitive to iron prices

Maanshan Iron (0323-HK) (the "Company") principally engaged in production and sales of iron and steel products is one of the largest iron and steel producers and sellers in China. Its products are roughly divided into four categories, namely steel plates, section steel, bars and wheels. On wheel business side, it has to be mentioned that the Company is the second largest train wheel producer in the world and the first largest in Asia. China's investment in railways to reach RMB2,000 billion by 2020 during the period of the eleventh five-year plan will be favourable to business development of the Company as the standard setter for domestic wheel market.

Among several iron & steel stocks, the Company's profits are particularly sensitive to the change in iron & steel prices, and each 1 per cent change in price will lead to an 8 per cent change in its profit forecasts for 2008. While it is expected that China's iron & steel output will slow down in 2007 and 2008 and that domestic demand will sustain growth, spot iron & steel prices are believed to keep rising. The Company's new production capacity will be able to contribute 20,000 to 30,000 tonnes of sales in 2007, which, coupled with assistance of Baosteel, is believed to be capable of boosting prices of its products availably. Therefore, I foresee that new capacity can help improve its sales and profits.

According to its results for the third quarter last year, the Company's profit reached RMB607 million (based on Chinese accounting standards), representing a 5 per cent increase compared with the same period in 2005, mainly thanks to average selling prices more optimistic than expectations and robust sales. The company's sales arrived at 2.7 million tonnes in the third quarter, representing an 18 per cent increase compared with the same period in 2005 and a 13 per cent rise compared with the last quarter, making it seem to have hit its stride. The Company's share price is $4.27 currently, still standing above the 100-day Moving Average and representing a P/E ratio of 9.85 times.  

Maanshan Iron entschlossen, allerdings nur aus purer unlust. wann endlich machen die mal einen satz an die spitze? ist im prinzip egal, der kurs ist so günstig wie unglaublich.
frohes zocken  

Maanshan Iron +3.9%; Strong Outlook, Buy

Maanshan Iron (0323.HK) +3.9% at HK$4.52, extending 9.6% gain over last 3 sessions, driven by strong earnings outlook, attractive valuations. Dao Heng tips its 2008 net profit +34% on-year to CNY3.306 billion, helped by 27% rise in average selling price, increase in sales volume. Says stock trading at undemanding 9.1X 2008 P/E; keeps stock rated Buy, targets HK$5.50.  

 

Ziel 5,5h$
profit 1.Q 767m yuan = 39,8% +



 

Maanshan Iron & Steel posted net profit of RMB766.9mn in 1Q08, up 39.8% yoy.

Maanshan posted a first quarter net profit of RMB766.9mn according to PRC accounting standard, up 39.8% yoy. The bottom line represents around 23% of our 2008 earnings forecast of RMB3,306mn.



Meanwhile, gross margin was flat at 10%, given a 77.5% rise in costs of goods sold.



At the same time, we believe strong steel price, especially for long products, will be able to offset the surging raw material costs. We maintain our view that company’s average selling price will be up by 27% in 2008 given the strong steel price and company’s improving product mix, while unit production costs will be up by 24%.

We maintain our 2008 earning forecast and target price on Maanshan. Reiterate BUY with a 6-month target price of $5.5, representing a 11.5x 2008 PER.  

2 weeks ago=

China's Maanshan Steel Q3 net profit up 56 pct on higher volumes

Maanshan Iron & Steel Co Ltd (SHA 600808; HK 0323) said net profit in the third quarter of 2008 rose 56.46 pct year-on-year to 786.7 mln yuan due to higher sales volume, which offset falling selling prices.

In its third quarter report filed with the Shanghai Stock Exchange, the company said it produced 3.75 mln tons of pig iron, 4.08 mln tons of crude steel and 3.81 mln tons of steel products in 2007, up 5.63 pct, 4.08 pct and 4.67 pct respectively.

Faced with falling prices, the company responded with adjusted production plans and sales strategies, it said.

Operating revenue in the third quarter rose 44.68 pct year-on-year to 19.87 bln yuan.

Earnings per share in the three months to September stood at 0.116 yuan, against 0.078 yuan a year earlier.

During the first nine months of 2008, the steelmaker booked operating revenue of 57.6 bln yuan, up from 34.77 bln a year earlier, while net profit rose to 3.05 bln yuan from 1.61 bln a year earlier.

Earnings per share for the first nine months amounted to 0.45 yuan, up from 0.25 yuan in the same period of 2007.

Looking ahead, the company said that decreasing demand in the steel market is expected to continue for a period of time.

The company said it will tie production more closely to sales, while seeking to further enhance quality and reduce cost.

c reuters, etc

anbei 1y daily
 

00323   MAANSHAN IRON   2.030   0.200   10.93%   142,004   70,678