200% in gut zwei Monaten!

new tgt, Dao Heng Securities Shougang Concord Int’l (697, $0.65) 6M Target $1.10 Event: Share price of Shougang Concord Int’l has dropped 21% since last Friday. Share price of Shougang Concord Int’l (“SCI”) has dropped 21% since last Friday. It is now trading at 0.6x book value. SCI is unlikely to be loss-making although the outlook for the steel industry is pretty negative. We believe this undervalued stock deserves a trading buy recommendation in the near term. Compared to the average 24.6% drop of steel price in October, SCI’s heavy plates being made from its Shouqin plant only dropped 9.4% in October, and is still selling 44.2% higher compared to October 2007. Meanwhile, sales volume of company’s heavy plates only decreased 10.9% month-on-month, despite the quick economic downturn in October. At the same time, price of coke, one of the major raw materials of company’s steel-making process, has dropped more than 50% since reaching its peak in August. This helps to [mehr]

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200% in gut zwei Monaten!