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Analyst Research Report Snapshot


China Steel Corp. (2002 TT); Less-Than-Expected Demand & Weaker Price




MasterLink Securities Corporation


09 Jun 2014





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Steel prices for May14 in Europe and the U.S. exhibited limited uptick after the prices rebounded in Apr14, which led to flattish export prices of downstream steel makers including Yieh Phui (2023 TT) and Sheng Yu Steel (2029 TT). Given (1) limited upside for downstream steel prices, (2) iron ore price decline to US$100/ton and (3) Baosteel’s cut in steel prices for Jun14, CSC followed suit by announcing flattish and lower steel prices. Coupled with less-than-expected demand in the steel market and coming of weak season, we downgrade CSC to HOLD with a TP of NT$28 (FY14 EPS is forecast at NT$1.1).

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