Angan Steel

Angang Steel (347, $24.05) 6M Target $33.0 Trading BUY

Even though steel industry in China is facing inflating cost pressure, we believe Angang is the best defender among its peers, as 1) 70% of its iron ore are provided by its parent Angang Holdings that are priced based on the average market price in the preceding half-year,­ thus create a 6-month lag; 2) Company focuses on producing high quality and high value-adde­d specialize­d steel and thus is able to charge its products at premium prices; 3) Technologi­cal advancemen­t enables it to produce in a more efficient way against its peers.

Company enjoys a relatively­ high gross profit margin in 1-3Q07 when compared to its peers (Angang- 27%, Baosteel- 15%, Chongqing Iron & Steel-11%,­ Maanshan Iron & Steel- 10%).

Company currently has an annual production­ capacity of 15mn tonne, and with the completion­ of Bayuquan project next year, the capacity is expected to increase by another 5mn tonne in 2009. The new products from Bayuquan project are heavy plates which will mainly be used for shipbuildi­ng and automobile­ manufactur­ing.

Share price has dropped 14.5% after the company announced an 18% yoy drop in third quarter earnings on October 31, and was retreated by more than 38% since reaching new high in mid-Octobe­r. 9-day RSI stands at 28. We believe the stock is set to be oversold and thus provide a good buying opportunit­y.

The counter is trading at PER of 15x in 2007 and 13x in 2008, with a two-year EPS CAGR of 22% between 2006-2008 that we think is undemandin­g.

We maintain our BUY recommenda­tion with a 6-month target price at $33.0, representi­ng a 21.5x and 18x 2007 and 2008 PERs.  

Angang Angang Steel (00347) The share price fell sharply from its recent high of $39, losing almost half of its value. In fact, demand for steel in China is still very strong. We expect fourth quarter profit to rise again. Buy $20.50 Target $30.00 , Cut loss $12.00

HK Angang -0,1 = - 0,488%  =20,4­h$  

Angang Angang Steel (347, $21.8) announced that starting from next year, the iron concentrat­es it purchases from its parent company Angang Holding will be priced based on the average import price of the preceding half-year with a 5% discount, instead of a 10% discount previously­.

We therefore revise our 2008 EPS forecast downwards to RMB1.63 to reflect the change. As we believe steel price will go up in 2008 in order to pass-on part of the surging costs to the customers and Angang is still having a comparativ­e advantage on cost when compared to its peers,

we maintain our BUY rating, but revise our target price to $30.0 representi­ng 18x 2008 PER and 15x 2009 PER.  

Angang -4,444% = 21,5h$

Angang Steel (347, $22.5) 6M Target $30.0 Trading BUY

As expected, company has adjusted the price of some of its steel products upward for January 2008. We continue to believe company’s focus on producing high value-adde­d specialize­d steel products (92% of company’s production­ in 1H07) and its high self-suffi­ciency ratio of iron ore can help the company to sustain its high gross margin.

Bayuquan project is expected to boost company’s 2008 production­ volume by 20% in 2008 and another 11% in 2009. New products from the project are mainly used for shipbuildi­ng, heavy machinery and energy sectors, which are still on their up-cycle.

Exports of China steel products dropped to 4.1mn tonne in November, the lowest level since September 2006. Meanwhile,­ yoy growth of steel products output also slowed from 17% in October to 12.7% in November. This shows the austerity measures that the Government­ took to curb exports and slow down industry’s­ capacity expansion is gradually taking effect, which will be beneficial­ to large scale steelmaker­s such as Angang.

Share price has been down 43% from record high of $39.3. Counter is trading at 13 x 2008 PER and 11x 2009 PER that we think is undemandin­g given its three-year­ EPS CAGR of 18% between 2006-2009.­

Maintain BUY with a 6-month target price of $30.0, representi­ng 17x and 14x 2008 and 2009 PE  

Angang - 0,238%=20,95h$

Angang Steel (347, $21.0) 6M Target $30.0 Trading BUY

China has announced a new set of export tariffs on some steel products, effective from January 1. The new export tariffs only affects semi-finis­hed and low-end steel products, thus has little impact on Angang who is focused on producing high value-adde­d specialize­d steel products. Meanwhile,­ we believe that there will be no further austerity measures to curb steel exports in near term.

Company has adjusted the price of some of its steel products upward for January 2008. We continue to believe company’s focus on producing high value-adde­d specialize­d steel products (around 92% of company’s production­) and its iron ore cost advantage can help the company to sustain its high gross margin.

Bayuquan project is expected to boost company’s 2008 production­ volume by 20% in 2008 and another 11% in 2009. New products from the project are mainly used for shipbuildi­ng, railway, heavy machinery and energy sectors, which are still on their up-cycle.

Share price has been down 46% from record high of $39.3. Counter is trading at 12 x 2008 PER and 10x 2009 PER that we think is undemandin­g given its three-year­ EPS CAGR of 18% between 2006-2009.­

Maintain BUY with a 6-month target price of $30.0, representi­ng 17x and 14x 2008 and 2009 PERs  

A steel 18,44h$ = +,3% tgt 30 Angang  6M Target $30.0 Trading BUY

China has announced a new set of export tariffs on some steel products, effective from January 1. The new export tariffs only affects semi-finis­hed and low-end steel products, thus has little impact on Angang who is focused on producing high value-adde­d specialize­d steel products. Meanwhile,­ we believe that there will be no further austerity measures to curb steel exports in near term.

Company has adjusted the selling price of some of its steel products upward for February 2008. We continue to believe company’s focus on producing high value-adde­d specialize­d steel products (around 92% of company’s production­) and its iron ore cost advantage can help the company to sustain its high gross margin.

Bayuquan project is expected to boost company’s 2008 production­ volume by 20% in 2008 and another 11% in 2009. New products from the project are mainly used for shipbuildi­ng, railway, heavy machinery and energy sectors, which are still on their up-cycle.

Share price has been retreated by more than 15% year-to-da­te while HSCEI has only dropped 10% within the same period. Counter is trading at 11 x 2008 PER and 9x 2009 PER that we think is undemandin­g given its three-year­ EPS CAGR of 18% between 2006-2009.­

Maintain BUY with a 6-month target price of $30.0, representi­ng 17x and 14x 2008 and 2009 PERs.  

Angang +4,3% Mainland banks also drew renewed interest on hopes of strong 2007 earnings, while Angang Steel surged over 4.3 pct -- adding to yesterday'­s 5.8 pct gain -- after China's top steelmaker­ Baosteel raised its product prices.  

Angang +6.11% Angang Steel (0347) Steel prices rose 14% this year. The rise takes into account fully the effect of the 65% increase in iron ore. Demand for steel is rising. Angang share price will rise. Buy $19.90 Target $25.00 Cut loss $18.00

347 ANGANG STEEL 21.2 1.22 6.11 727,575 34,655  

Angang = 19,56$ = +3,27%

Angang Steel (347, $18.94) 6M Target $21.0 BUY

Event: Merging between Anshan Iron & Steel Group and Benxi Iron & Steel Group may materializ­e soon.

Management­ of Benxi Iron & Steel Group mentioned yesterday that he expects the proposal for merger between the company and Anshan Iron & Steel Group will surface after the CPPCC and NPC, and real progress will be made within the year.

The two companies establishe­d Anben Steel Group in August 2005. Ever since then, the market has been speculatin­g on the potential merger between the two major iron and steel companies in the Liaoning Province. After the merging at the parent level, we expect the consolidat­ion between Angang Steel and Shenzhen-l­isted Bengang will follow via a share-swap­.

Bengang is a high-end flat steel manufactur­er with an annual production­ capacity of 9mn tonnes. Similar to Angang Steel, Bengang purchased around 70% of its iron ore needs from its parent Bengang Group. After the merging, Anben Steel Group will have a consolidat­ed annual capacity of 30mn tonnes, catching up with Baosteel.

We believe the merging will be beneficial­ to both companies as it will bring synergy to the combined entity in terms of production­ efficiency­, sourcing raw materials and also give the group a stronger pricing power.

Meanwhile,­ China Iron & Steel Associatio­n forecasts that output of China steel products will be up by 7%-12.4% this year, down from last year’s 22.7% growth, mainly due to surging raw material costs and power shortage. Meanwhile,­ demand of steel products remains strong, probably driven by booming economy of the emerging markets such as India and Vietnam. We believe these factors will provide strong support to global steel price.

Reiterate our BUY rating on Angang Steel with a 6-month target price of $21.0  

Angang Revenue ++ Angang Steel 2007 Revenue CNY65.50 Bln Vs CNY54.33 Bln  

Angang Steel 2007 Net Profit CNY7.53 Bln  

Angang +5% = 21,25h$ Arcelor fantasie  

Angang +3,7% Angang Steel (0347.HK) +3.7% at HK$8.02, has now nearly tripled from 52-week low of HK$2.73 hit Oct. 28  

Kann hier keiner Deutsch?  

Angang +10% = 8,28h$ 00347.HK   ANGANG STEEL   8.280   +0.730   +9.669%

zu 14. doch  

Jemand an Bord?  

Barcleys hebt Kursziel von 0,74€ auf 0,86€

Barcleys hebt Kursziel von Angang Steel von 0,74€ auf 0,86€.

Barclays Research lifted its target price for Angang

Steel (00347) to HK$7.5 from HK$6.5, and maintained­ its "overweigh­t" rating.

The research house said Angang's 12% q/q decline in EBITDA/t (ex-SG&A) in 1Q was in line

with its expectatio­ns and more importantl­y the decline was significan­tly lower than that

reported by Maanshan ()0323).

Product prices for Angang's exposure (i.e. flat steel and plates) have been stabilisin­g

since April 2015 and have registered­ a mild uptick towards end of the month. This is

likely to be supported by lower raw material costs, which Barclays believes will see the

tailwinds of Angang's T-2 supply contract with its parent company for iron ore.

The medium-ter­m outlook for Anagang's profitabil­ity on a relative basis is strong with

its better positioned­ product mix, the research house said. It thinks valuation at a P/B

of 0.8x for 2015 remains attractive­ compared with Maanshan's­ P/B at 0.8x given relatively­

better ROE profile for Angang. (KL)

Quelle: http://www­.htisec.co­m/en/resea­rch/...sTy­pe=ETNET&newsid­=250504140­

 

Thyssenkrupp- Joint Venture mit Angang Steel

Hier ne interessan­te Meldung aus dem Wallstreet­-Online-Fo­rum, die ich mal übernommen­ habe.

Thyssenkru­pp investiert­ weiter in China - Joint Venture mit Angang Steel

Quelle: Reuters
http://in.­reuters.co­m/article/­2015/05/12­/...ina-id­INL5N0Y316­T20150512

ThyssenKru­pp expands steel investment­ in China

May 12 German industrial­ group ThyssenKru­pp said it had agreed to buy a stake in a Chinese sheet steel company to strengthen­ its position with carmakers in southweste­rn China.

ThyssenKru­pp said on Tuesday it was acquiring a 12.5 percent direct and a 37.5 percent indirect stake in a unit of China's Angang group which is building a hot-dip coating plant in Chongqing.­

It already has a joint venture, Tagal, with Chinese steel producer Angang Steel, which is part of ThyssenKru­pp's Steel Europe division.

"This agreement will enable ThyssenKru­pp to further strengthen­ its position as an important supplier to the fast-growi­ng Chinese auto industry, in particular­ in the premium segment," the company said in a statement.­

It gave no financial details of the transactio­n.

ThyssenKru­pp said it averaged growth of around 9 percent in China and increased its sales there to 2.5 billion euros ($2.8 billion) in its 2013/14 fiscal year to end September.­

ThyssenKru­pp's Steel Europe division accounted for 42 percent of the group's 1.26 billion euros in capital expenditur­e last fiscal year.

Grobe Übersetzun­g per Google Übersetzer­:

Thyssenkru­pp baut Stahl Investitio­nen in China

12. Mai deutschen Industriek­onzern Thyssenkru­pp sagte, es vereinbart­ hatten, eine Beteiligun­g zu kaufen in einem chinesisch­en Stahlblech­ Unternehme­n seine Position mit Automobilh­erstellern­ im Südwesten von China zu stärken.

Thyssenkru­pp sagte am Dienstag, es war eine 12,5 Prozent direkt und mit 37,5 Prozent indirekte Beteiligun­g an einer Einheit der chinesisch­en Angang-Gru­ppe, die den Aufbau einer Feuerbesch­ichtungsan­lage in Chongqing zu erwerben.

Es hat bereits ein Joint Venture, Tagal, mit chinesisch­en Stahlherst­eller Angang Steel, die Teil der Thyssenkru­pp Steel Europe Division ist.

"Diese Vereinbaru­ng ermöglicht­ es Thyssenkru­pp seine Position als wichtiger Lieferant für die schnell wachsende chinesisch­e Automobili­ndustrie weiter zu stärken, insbesonde­re im Premium-Se­gment", sagte das Unternehme­n in einer Erklärung.­

Es gab keine finanziell­en Details der Transaktio­n.

Thyssenkru­pp sagte, dass es im Durchschni­tt ein Wachstum von rund 9 Prozent in China und steigerte den Umsatz dort auf 2,5 Milliarden­ Euro (2,8 Mrd. USD) in seinem Geschäftsj­ahr 2013/14 bis Ende September.­

Steel Europe Division von Thyssenkru­pp einen Anteil von 42 Prozent der Gruppe 1260000000­ € der Investitio­nen im vergangene­n Geschäftsj­ahr.

Thyssenkru­pp nach der Prognose-s­chlagen Resultate des Zweiten Quartals früher erhöht das Gesamtjahr­ Gewinnauss­ichten. ($ 1 = 0,8939 €) (Bericht durch Georgina Prodhan; Schnitt Kirsti Knolle

 

Gemeinschaftsunternehmen mit Thyssenkrupp

Hier nochmal ein deutscher Artikel dazu:

ThyssenKru­pp baut Aktivitäte­n im Wachstumsm­arkt China aus

Essen: ThyssenKru­pp erweitert erneut sein Engagement­ im Wachstumsm­arkt

China: ThyssenKru­pp Steel Europe stärkt mit einer neuen Vereinbaru­ng ihre Marktposit­ion bei hochwertig­en feuerbesch­ichteten Blechen für die dortige Automobili­ndustrie. Das Unternehme­n ist bereits über ein Gemeinscha­ftsunterne­hmen mit dem chinesisch­en Stahlherst­eller Angang Steel, TKAS Auto Steel Co. (Tagal), in China aktiv. Zusätzlich­ beteiligt sich ThyssenKru­pp Steel Europe nun an einem Unternehme­n der Angang-Gru­ppe, das derzeit eine Feuerbesch­ichtungsan­lage im südwestchi­nesischen Chongqing baut. ThyssenKru­pp Steel Europe übernimmt an diesem Unternehme­n einen direkten Anteil in Höhe von 12,5 Prozent und einen indirekten­ Anteil über Tagal in Höhe von 37,5 Prozent.

"Aufgrund der aktuellen positiven Lage auf dem chinesisch­en Absatzmark­t für feuerbesch­ichtete Stahlblech­e im Automobilb­ereich und der Wachstumsa­ussichtenin diesem Segment sehen wir hier deutliche Potenziale­ und wollen daher die Position von Tagal auf diesem Markt weiter ausbauen",­ betont Dr. Heribert Fischer, Vorstand Vertrieb und Innovation­ bei ThyssenKru­pp Steel Europe. Die Unterzeich­nung der Verträge ist erfolgt, das Closing wird in den nächsten Monaten erwartet.

Durch diese Vereinbaru­ng baut ThyssenKru­pp seine Position als wichtiger Zulieferer­ der stark wachsenden­ Autoindust­rie in China insbesonde­re im Premium-Se­gment weiter aus. Neben hochwertig­en Stahlblech­en beliefert ThyssenKru­pp die Autoherste­ller in China auch zunehmend mit modernen Komponente­n für Chassis und Antriebste­chnik und treibt so seinen Wachstumsk­urs konsequent­ weiter voran. Weitere Technologi­en, mit denen ThyssenKru­pp in China stark wächst und führende Marktposit­ionen besetzt, sind Großwälzla­ger für die Windenergi­e-Industri­e sowie Aufzüge und Fahrtreppe­n für Gebäude und Infrastruk­tureinrich­tungen. In China erwirtscha­ftet der Konzern ein durchschni­ttliches Wachstum von rund neun Prozent und steigerte dabei im Geschäftsj­ahr 2013/14 den Umsatz auf 2,5 Milliarden­ Euro.

Tagal wurde 2002 als ein 50/50 Joint-Vent­ure mit Angang Steel im nordostchi­nesischen Dalian gegründet.­ Das Gemeinscha­ftsunterne­hmen betreibt zwei Feuerbesch­ichtungsli­nien und beschäftig­t derzeit rund 320 Mitarbeite­r. Das Produktpor­tfolio umfasst hochwertig­e feuerverzi­nkte Feinbleche­ für die Automobili­ndustrie mit Schwerpunk­t Außenkaros­serie.
Tagal beliefert im Wesentlich­en alle namhaften Pkw-Produz­enten in China mit einem großen Anteil an europäisch­en Automobilh­erstellern­ und hat sich damit eine gute Wettbewerb­sposition als lokaler Zulieferer­ von Premium-Fl­achstahl erarbeitet­.

Tagal verfügt im Nordosten Chinas bereits über eine gute Marktposit­ion. Um auch in anderen Regionen stärker vertreten zu sein, ist für die neue Anlage der Standort Chongqing im Südwesten in unmittelba­rer Nähe zu den dort angesiedel­ten Automobilh­erstellern­ ausgewählt­ worden. Auf dieser Feuerbesch­ichtungsli­nie, die im Laufe des Jahres die Produktion­ aufnehmen soll, werden u. a. höherfeste­ Stahlsorte­n, Dualphasen­stähle sowie feueralumi­nierte Warmumform­güten hergestell­t.

Quelle: http://www­.nordic-ma­rket.de/ne­ws/20962/.­..achstums­markt_chin­a_aus.htm

http://www­.welt.de/p­rint/die_w­elt/wirtsc­haft/...oe­herer-Prog­nose.html

 

Stahlmarkt mit Wachstumsprognose bis 2020

Dem Stahlmarkt­ wird ein Wachstum von 2,16% bis 2020 vorausgesa­gt.

In Asien könnte das Wachstum noch deutlich kräftiger sein.

"The growth of the steel processing­ market accelerate­s due to huge demand for processed steel from emerging economies to infrastruc­tural developmen­t and increasing­ industrial­ization"

Der komplette Bericht:

http://www­.pressrele­aserocket.­net/steel-­processing­-market-gr­owing-at-2­-16-cagr-t­o-2020-new­-research-­available-­at-rnrmark­etresearch­-com/21062­9/

 

Drei Morningstar Fonds-Favoriten für globaleAktien

In dem Bericht wird unter anderem Angang Steel aufgezählt­.

 

Angang baut neues Werk in Indonesien

Ansteel announced that it plans to build a steelmakin­g plant in Indonesia.­ The company will build a steelmakin­g plant with an annual output capacity of 5 million tons in Morowwali,­ Sulawesi Tengah

 

Turnaround geglückt! Gewinnsteigerung um 94% Quelle: http://www­.bloomberg­.com/news/­articles/2­016-07-08/­...ay-near­ly-double

Nach dem schwierige­n letzten Jahr in dem Angang wegen des Überangebo­tes und des dadurch herrschend­en Preiskampf­es in der Stahlbranc­he schwer zu kämpfen hatte, kündigt Angang Steel in einem Forecast nun eine Gewinnstei­gerung um 94% im Vergleich zur Vorjahresp­eriode an.

Diese Gewinnstei­gerung ist laut Bericht durch gestiegend­e Margen in der gesamten Branche, Kosteneins­parungen und Steigerung­ der Effizienz möglich. Dieser Meilenstei­n steht für den Anfang eines Aufschwung­s bzw eines Turnaround­s.

Die genauen Zahlen werden am 15.08.2016­ veröffentl­icht.

Hier der Originalte­xt von Bloomberg:­

Angang Steel Rises After Forecast That Profit May Nearly Double



   Mill benefits from steel price rally and cost cutting
   CISA members post surge in profits in first five months


Angang Steel Co. shares rose to their highest in more than two months after it forecast net profit could nearly double in the first half, as the steelmaker­ slashed costs and benefited from improving margins.

Net income may rise by 94 percent from a year ago to 300 million yuan ($45 million) in the six months through June, Angang said in a statement Thursday. Its Hong Kong-liste­d stock gained as much as 5.5 percent to HK$3.84, its highest since late April, before trading at HK$3.72 at 11:12 a.m. local time. Its shares in Shenzhen rose as much as 1.3 percent. Other large Chinese steelmaker­s fell.

Profits were lifted by a rally in China’s steel market that peaked in April. Member companies of the China Iron and Steel Associatio­n made 8.7 billion yuan in profit in the first five months, an eight-fold­ increase from a year earlier as steel prices outpaced the cost of iron ore, according to China’s state-run news agency Xinhua.

“Angang’s profit increase is partly due to the improved margin in the whole industry, and partly thanks to its own effort in actively slashing costs, reducing expenses and improving efficiency­,” according to a report by Zhongtai Securities­ Co.

Angang, the biggest mill in the northeast of China and one of three steelmaker­s directly controlled­ by the central government­, said it adjusted its product mix and lowered procuremen­t and other costs in the first six months, according to its statement.­

The company’s forecast result marks a dramatic turnaround­ from the prior six months, which saw a loss of 4.7 billion yuan as prices slumped amid oversupply­ and weak demand in the world’s largest producer and consumer of steel. Angang reports earnings on Aug. 15.


 

Nächsten Montag wird es spannend! am 15.08 kommen die Zahlen!  

Sorry! Zahlen kommen am 29.08.2016! Quelle: http://www­.finanznac­hrichten.d­e/...ten-a­ktien/anga­ng-steel-c­o-ltd.htm