Analyst Research Report Snapshot

Title:

豐興鋼鐵 (2015 TT, NT$49.7, 降低持股): 維持「降低持股」

Price:

$46.00

Provider:

KGI Greater China

Date:

13 May 2014

Pages:

6

Type:

AcrobatPDF

Companies referenced:

2015.TW

Available for Immediate Download
Summary:

需求疲弱導致鋼價走軟 豐興1Q14稅後淨利3.76億(YOY-10%)EPS 0.65元,低於我們預期的4.77億,主因為鋼筋、棒線需求不強,隨著廢鋼原料下跌,鋼筋、棒線價格同步下滑,壓抑獲利。5月10日夏季尖峰限電開始豐興將降低煉鋼產能30%以反映3Q淡季需求,3Q13為全年獲利低點 沙鋼即將完成鋼筋銷台檢驗程序,台灣可能在3Q14開放進口大陸鋼筋,由於大陸含硼鋼筋享有出口退稅7~13%優惠,預期大陸鋼筋銷台價格較本地產品便宜約10%,不利國內鋼廠競爭 我們維持豐興「降低持股」評等,主因為:一、即將進入營運淡季。二、中國含硼鋼筋可能銷台為市場的中長期隱憂,目標價為43元,相當於2013年股價淨值比的1.5倍 豐興目前交易在2014年底股價淨值比的1.8倍,估值高於同業平均,考量到內需市場已邁入成熟期,外銷市場需求亦不強勁,2014年獲利成長停滯,時序即將邁入3Q14淡季,我們預估豐興出貨量在6~7月逐漸下滑,中國鋼筋可能銷台為產業潛在隱憂,維持豐興「降低持股」評等,與NT$ 43元的目標價,相當於2014年股價淨值比的1.5倍。

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