The Zhitong Finance app learned that Credit Suisse published a research report saying that it downgraded the rating of Ma'anshan Steel Co., Ltd. (00323) from “outperforming the market” to “neutral,” and lowered the 2022-24 profit forecast by 59%/61%/31%, reflecting the decline in gross margin forecasts. The target price was lowered from HK$3 to HK$1.6. The company lost 763 million yuan in the third quarter of this year (same below), reversing the profit of 1.9 billion yuan in the same period last year. The performance fell short of expectations. The decline in profit was mainly due to weak average product prices and gross margin.
瑞信：下调马鞍山钢铁股份(00323)评级至“中性” 目标价降至1.6港元
Credit Suisse: Lowered the rating of Ma'anshan Iron and Steel Co., Ltd. (00323) to “neutral”, and the target price fell to HK$1.6
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