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Company Update – Hiap Teck (ADD, maintain) - Moderating 2013 outlook




Affin Hwang Investment Bank Bhd


23 Dec 2012





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Moderating 2013 outlook Demand to be affected by dumping activity Hiap Teck expects demand for steel pipes to remain soft in 2013 due to an oversupply, especially from China, which has led to dumping activities. We gather that the steel association board is lobbying for non-tariff measures to be implemented in order to contain the excess supply of steel product into the domestic market. Under the current circumstances, we have cut our FY13 – FY15 sales volume assumption by 9-13%. Our assumed utilisation rate is between 48 – 55% for the 3-year period

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