On June 24, Morgan Stanley released a research report which downgraded the rating of Angang Steel's H shares from "neutral" to "shareholding" and cut the target price from HKD 1.9 to HKD 1, citing weaker-than-expected policy impact. The bank pointed out that in the short term, most real estate policies aim to restore confidence in buying houses, rather than promoting construction activities and steel demand. The bank lowered the company's profit forecast for the next two years to a loss of 4.1 billion yuan and 2.5 billion yuan respectively, and expected the company's losses to continue until the 2026 fiscal year due to weak domestic demand. As the premium gap of AH shares widens, the bank expects the company's shares to face further selling pressure.
大行评级｜摩根大通：下调鞍钢股份H股评级至“减持” 目标价下调至1港元
JPMorgan downgrades the rating of Angang Steel's H shares to "shareholding" and lowers the target price to HK$1.
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