theScreener is the market leader for independent valuations of financial securities, equities, sectors and markets, and new funds. theScreener's ratings, analyses are used by leading banks, asset managers and financial portals. Approximately 10,000 workstations benefit from theScreener's services, with over millions of customer accounts actively analysed.
KEY HIGHLIGHTS Results Angang Steel (347 HK/HOLD/HK$2.68/Target: HK$2.53) 3Q19: Net profit slumped 88% yoy on margin squeeze; headwinds persist. Bank of Ningbo (002142 CH/HOLD/Rmb26.82/Target: Rmb24.80) 3Q19: Results beat market expectations, capital raised for future growth. China Construction Bank (939 HK/BUY/HK$6.23/Target: HK$7.23) 3Q19: Results in line. Stable growth underpinned by solid asset quality. China Eastern Airlines (670 HK/HOLD/HK$3.96/Target: HK$4.00) 3Q19: 9.8% yoy rise in net profit aided by state cost-cutting measures and higher grants. China Merchants Bank Co (3968 HK...
Angang Steel announced 9M19 net profit of Rmb1.7b, down 75% yoy. 3Q19 net profit slumped 87.7% to Rmb297m (-70.5%qoq). The weak results were mainly dragged down by margin squeeze on lower steel ASP and higher iron ore/coking coal cost. We expect Angang to continue facing headwinds in 4Q19 given the overall oversupplied market situation. Cut target price to HK$2.53 on lower earnings forecasts. Maintain HOLD. Entry price: HK$2.30.
The historical high in domestic crude steel production in May and the fall in the steel spreads of steel mills have been major drags on steel names’ performances since Apr 19. We see no clear signs of a sector recovery at the current stage while the execution and impact of Tangshan’s newly-introduced steel production curbs have to be monitored and assessed. Maintain UNDERWEIGHT on China’s steel sector.
The independent financial analyst theScreener just lowered the general evaluation of ZOETIS INCO. (US), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date November 19, 2019, the closing price was USD 120.33 and its target price was estimated at USD 109.68.
The independent financial analyst theScreener just lowered the general evaluation of WSTN.MDSTM.PTNS.LP (US), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date November 19, 2019, the closing price was USD 17.84 and its target price was estimated at USD 16.95.
The independent financial analyst theScreener just awarded an improved star rating to VIPSHOP HOLDINGS LTD. (US), active in the Specialty Retailers industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date November 19, 2019, the closing price was USD 12.26 and its expected value was estimated at USD 10.57.
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