Stock Name: SSTEEL
Company Name: SOUTHERN STEEL BHD
Southern Steel; Buy; RM2.05
Price target: RM2.60; SSB MK
Persistent cost pressure
RM5.5m net loss in 2QFY12 was larger than our and consensus estimates, hurt by high operating costs. Cut FY12F/13F earnings by 21%/16% after imputing higher scrap costs. Maintain Buy and RM2.60 TP pegged to 1.2x FY12 NTA.
Source: HwangDBS Research - 2 Feb 2012
Company Name: SOUTHERN STEEL BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 2.60 |
Southern Steel; Buy; RM2.05
Price target: RM2.60; SSB MK
Persistent cost pressure
RM5.5m net loss in 2QFY12 was larger than our and consensus estimates, hurt by high operating costs. Cut FY12F/13F earnings by 21%/16% after imputing higher scrap costs. Maintain Buy and RM2.60 TP pegged to 1.2x FY12 NTA.
Source: HwangDBS Research - 2 Feb 2012
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