德银-中国-金属与采矿业-进入中国金属采矿行业的关键点

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1、Metals&MiningDeutscheBankMarketsResearchAsiaIndustryDateChina17January2018HongKongMetals&MiningResourcesIndustryUpdateMetals&MiningAccessChinaMetalsMiningtripkeytake-awaysSharonDingProactiveheatingseasoncutacrosstheboardinHebeiandHenanprovincesResearchAnalystFollowingourChinaAcce

2、ssconferenceinBeijing,weorganizedaMetals&Miningtrip,visitingRisunGroup(oneofChina'slargestcokeandchemicals+852-2203-5716producers,10mtcokecapacityand2.8mtchemicals),DelongSteel(steelmillsJamesKanwithc.3mtcapacity)andZhengdaGlass(c.2000t/d,1%oftotalChinaglassResearchAnalystcapacit

3、y)inHebeiandChinaCentralProperty(majorpropertydeveloperinHenan)+852-22036146andZhongfuIndustrials(c.500ktaluminiumcapacity)inHenan.Accordingtotheseindustryparticipants,bothprovincesareproactivelycuttingcapacityCompaniesfeaturedduringheatingseason,andtherearebasicallynosocialstabi

4、lityconcernsonChalco(2600.HK),HKD5.57Buyemploymentacrosstheboard.Wehavesummarizedthekeytake-awaysbelow.2016A2017E2018EP/E(x)86.727.413.6EV/EBITDA(x)9.09.66.6Price/book(x)1.11.71.5XinyiGlass(0868.HK),HKD11.06Hold2016A2017E2018EP/E(x)7.112.813.5EV/EBITDA(x)5.510.210.6Price/book(x)1

5、.92.92.6BaosteelCo.,Ltd.Buy(600019.SS),CNY8.872016A2017E2018EP/E(x)10.213.610.5EV/EBITDA(x)5.95.95.4Price/book(x)0.71.21.1MaanshanBuyIronandSteel(0323.HK),HKD3.782016A2017E2018EP/E(x)9.36.56.4EV/EBITDA(x)4.43.83.5Price/book(x)0.81.00.9AngangSteel(0347.HK),HKD7.34Buy2016A2017E2018

6、EP/E(x)14.59.69.5EV/EBITDA(x)6.26.45.7Price/book(x)0.60.90.8Source:DeutscheBankDeutscheBankAG/HongKongDistributedon:16/01/201818:03:08GMTDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthat

7、couldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.7T2se3r0Ot6kwoPa17January2018Metals&MiningMetals&MiningSteel-66%capacitycutinDelongS

8、teeland75%cutinXingtaiSteelDelongSteel,l