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RTNominal down3.800 -0.050 (-1.299%)
Research Report

21/06/2021 17:14

{I-bank focus}CS raises Angang Steel (00347) to HK$6

[ET Net News Agency, 21 June 2021] Credit Suisse raised its target price for Angang
Steel (00347) to HK$6 from HK$5.2 and upgraded its rating to "outperform" from "neutral".
The research house said it is optimistic on steel prices and margins in 2H21 after
short-term fluctuation in current slow demand season. In the short term, it expects the
easing demand in typical low season to weigh on steel prices, especially against the
govt's policy headwinds. However, it expects limited downside given elevated iron ore and
coke prices. In 2H21, it expects there will be still downside pressure on steel supply, to
provide upside risks on steel prices amid resilient demand. (RC)

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