Update shared on 10 Nov 2025
Analysts have modestly maintained their price target for Maanshan Iron & Steel at $2.32, citing stable valuation despite a reduced revenue growth outlook and a higher discount rate. They also expect improved profit margins ahead.
What's in the News
- The board approved a resolution to change Maanshan Iron & Steel's accounting firm for 2025, ceasing the appointment of Ernst & Young Hua Ming LLP after the auditor was rotated out of China Baowu's approved list (Key Developments).
- The company reported production results for the first three quarters of 2025, with 7.06 million tonnes of long products, 7.22 million tonnes of steel plates, 190,000 tonnes of wheels and axles, and 730,000 tonnes of steel billets produced (Key Developments).
- Amendments to the Articles of Association and the abolition of the supervisory committee were approved at board and supervisory committee meetings and will be submitted to shareholders at an extraordinary general meeting in 2025 (Key Developments).
- Recent board meetings saw approvals related to the resignation and appointment of directors and officers. A resolution on capital reduction for a subsidiary company was also approved (Key Developments).
Valuation Changes
- Consensus Analyst Price Target: Remains steady at HK$2.32, indicating stable market expectations.
- Discount Rate: Has risen slightly from 8.05% to 8.70%, reflecting a more cautious outlook on risk.
- Revenue Growth: Lowered from 1.60% to 1.02%, suggesting slower projected expansion.
- Net Profit Margin: Improved from 4.60% to 5.09%, pointing to increased profitability.
- Future P/E: Decreased from 5.53x to 5.06x, indicating a modestly more attractive valuation based on forward earnings.
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