国际投行报告-亚太地区钢铁行业-从中国的变革期待结构性改革的进展-2021.9.2-123页

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国际投行报告-亚太地区钢铁行业-从中国的变革期待结构性改革的进展-2021.9.2-123页

# 亚太地区 # 钢铁行业 # 中国大小：1.93M | 页数：123 | 上架时间：2021-09-08 | 语言：英文

国际投行报告-亚太地区钢铁行业-从中国的变革期待结构性改革的进展-2021.9.2-123页.pdf

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国际投行报告-亚太地区钢铁行业-从中国的变革期待结构性改革的进展-2021.9.2-123页.pdf

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类型: 行研

上传者: FF

撰写机构: BARCLAYS

出版日期: 2021-09-02

摘要：

We assume coverage of three Japanese blast furnace steel stocks with a slightly bullish stance. We rate JFE Holdings, Nippon Steel and Kobe Steel Overweight. We expect steel prices to remain favorable given a demand rebound in Japan and a supply/demand imbalance as economic growth recovers worldwide. Current structural changes in supply, due in part to China's carbon neutrality goal, could support and stabilize prices. Amid pressure to achieve carbon neutrality, the blast furnace steel producers have been restructuring to survive, and we expect this to yield some results. Our top pick is JFE Holdings, which looks attractively valued given a solid outlook for earnings and shareholder returns.

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