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Tóm tắt:
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Management is confident of re-boosting margins with the two new CRC production lines coming into operation (Jan 2011 and Dec 2011 respectively), and new inventory of 40,000 HRC tonnes (enough for two months of production; HSG currently holds a relatively low 57,000 tonnes in total) recently having been bought at the advantageous price of $615/ton (versus c. $700 average for FY10; current price $620). However, there is no sign as yet of any recovery in steel prices. With the PER for FY2010 and FY2011 at 11.8x and 9.9x respectively (compared to VN industry trailing average of 8.6x, and for example POSCO’s 7.8x), MKS downgrade to Sell (from Buy) at least until we detect a sustained end to monthly losses.
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