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Investing.com - Goldman Sachs downgraded Angang Steel Company Limited (HK:347) (OTC:ANGGF) from Buy to Neutral while maintaining its price target of HK$2.40.
The investment bank revised its earnings estimates for Angang Steel , now projecting a net loss of Rmb1.5 billion for 2025, deeper than its previous forecast of a Rmb1.0 billion loss.
Goldman Sachs slightly improved its outlook for 2026, predicting a small net profit of Rmb5.1 million compared to its earlier estimate of a Rmb252 million loss, and raised its 2027 profit forecast to Rmb812 million from Rmb412 million.
Despite noting some "mild recovery in unit steel profit" across the industry due to "disciplined steel production," the firm expects Angang’s recurring net profit to "remain challenged" with continued losses projected for 2025.
Since Goldman Sachs added Angang’s H-shares to its Buy list on March 31, 2025, the stock has risen 24%, outperforming the Hang Seng Index’s 5.9% gain during the same period.
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