[下载]瑞银－马鞍山（600808）A股分析

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2009-2-4 13:33:00 上传

[下载]瑞银－马鞍山（600808）A股分析
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Change valuation methodology; upgrade from Sell to Buy

􀂄 Our 2008 earnings forecast is 33% below consensus
We lower our 2008 earnings forecast 38% to Rmb1.9bn, which is 33% below
Bloomberg consensus, to factor in a higher inventory write-down of around
Rmb1.0bn. We note Maanshan was an exception, in that unlike other steelmakers it
did not incur an inventory write-down in Q308. Thus we believe there is potential
downside risk.

􀂄 We raise our ASP assumption but cut our output forecast for 2009/10

􀂄 Risks of steel ASP and raw material costs

􀂄 Valuation: upgrade to Buy, raise price target from Rmb2.26 to Rmb4.12

[此贴子已经被作者于2009-2-4 13:35:23编辑过]

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关键词：马鞍山 Methodology methodolog assumption Valuation 下载 马鞍山