Ma Steel Shares (00323.HK) Iron And Steel Prices Rose Stronger Earnings Forecasts
Steel price rises and earnings forecast
Due to strong steel prices, we expect the company's earnings to grow by 80% to 2 billion yuan over the same period.
Taking into account the increase in the average selling price of various products, we forecast the 08, 09 and 10 year profit forecasts for Masteel respectively to rise by 44.4%, 43.4% and 42.6% respectively.
After the increase in earnings forecasts, Ma shares A shares and H-shares are currently 11.4 times and 7.8 times the expected price earnings ratio of 08 years.
Based on the expected price earnings ratio of 10 times 08 years, we raised the target price of H shares from HK $3.60 to HK $5.90.
We expect that the price of steel products will remain at the current level in the second half of 08 and there will not be any significant adjustment in the second half of this year.
(BOC)
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