UBS: Downgrades Maanshan Iron and Steel Co., Ltd. (00323.HK) to "Sell", focussing on the fourth quarter business outlook.

According to the Wisdom Financial APP, UBS released a research report stating that Maanshan Iron & Steel Co., Ltd. (00323.HK) turned losses into profits in the first three quarters of this year, recording a net profit of 84 million yuan, reversing the loss of 2.535 billion yuan in the same period last year. The gross profit per ton of steel rose to 180 yuan, reaching the industry level after four years of underperforming the market, driven by the synergistic effect of Baosteel. The target price of Maanshan Iron & Steel by the bank was raised from the original 1.9 Hong Kong dollars to 2.35 Hong Kong dollars, the rating was downgraded from "neutral" to "sell", and the current stock price is equivalent to a price-to-book ratio of 0.8 times, exceeding two standard deviations above the five-year average value.