2010年3月印度钢铁行业研究报告

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【出版时间及名称】：2010年3月印度钢铁行业研究报告
        【作者】：PINC证券
        【文件格式】：pdf
        【页数】：56
        【目录或简介】：
‘Integration’ the Lynchpin
We initiate coverage on the Indian steel industry with a
positive view, underpinned by recovery in global steel
demand, the strong Indian consumption story, and better
steel prices. We particularly like the integrated steel
companies amid cost pressure.
Steel industry: Coming around
Steel demand has improved globally after plunging during H2
2008 due to the economic crisis. With recovery in most of the
economies, pick-up in industrial production, and positive leading
indices, we believe that the worst is behind us and the steel
industry seems to be turning around.
Indian steel: Better placed
The Indian steel industry is better placed compared with the
global industry with strong demand growth in the country, driven
by huge investments in infrastructure and construction.
Moreover, recovery in automobile and consumer durable sectors
has led to strong demand for steel, which is growing by
8-10%.
Prefer integrated steel plays
We prefer integrated steel players amid a rising cost
environment, as they would benefit in this scenario with captive
access to raw materials. With coking coal contract prices and
iron ore prices expected to be 55% and 40-50% higher,
respectively, we expect steel prices to move northward from
the current levels.
Prefer JSW Steel (JSTL IN) and Tata Steel (TATA IN) over
SAIL (SAIL IN)
Among the three large steel companies, we prefer JSW Steel
and Tata Steel over SAIL. Although we are positive about the
business prospects of SAIL, we believe that its current valuations
do not provide room for appreciation. Tata Steel would be the
biggest beneficiary in a rising cost environment given its high
level of backward integration, but Corus would be impacted.
Our investment argument on Tata Steel is underpinned by the
benefits accruing from its restructuring programs and the
recovery in Europe. We like JSW Steel owing to its highest
volume growth, internal cost savings that would offset the impact
of the cost pressure to some extent, and comfortable valuations.
Contents
Investment Summary .................................................................................... 1
Valuations and Recommendations ............................................................... 2
Comparative Valuations ................................................................................ 3
Industry
Steel Industry: Coming around ................................................................ 5
Steel prices recover ................................................................................. 10
Steel inputs are on fire ............................................................................. 11
Indian steel industry: Better placed.......................................................... 13
Outlook .................................................................................................... 15
Companies
Tata Steel ................................................................................................. 17
SAIL ......................................................................................................... 31
JSW Steel ................................................................................................ 42

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关键词：行业研究报告 研究报告 行业研究 钢铁行业 Appreciation 研究报告 行业 钢铁 印度

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