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尽管钢铁行业的运行周期仍处于向下趋势中,但是我们预期鞍钢新轧母公司的资产注入将显著提升公司价值。该交易已经被调整(包括减少股票增发的数量和注入充足的资产),这将使得并购带来更有吸引力的收入。我们给予鞍钢新轧A股的首次评级为“买入”、目标价人民币5.60元。
Although the operating cycle of the steel industry is still in a downward trend, we expect asset injection of Angang New Rolling Parent Company will significantly enhance the Company’s value. The deal has been adjusted (including reducing the number of outstanding shares and injecting sufficient assets), which will make M & A more attractive. We gave Angang New Rolling A shares the first rating of “Buy” with a target price of RMB5.60.