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Maanshan Iron & Steel Co
(0323)
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Rating:48Neutral
Price Target:
HK$1.50
â–¼(-12.79% Downside)
Action:Reiterated
Date:08/30/26
The score is held back primarily by weak profitability (ongoing losses and very thin margins) and increased leverage, despite a notable improvement in free cash flow. Technical indicators are neutral-to-mildly positive near term but remain constrained by a longer-term downtrend. Valuation metrics are unfavorable because the company is loss-making (deeply negative P/E) and no dividend yield is available.
Positive Factors
Improved cash generation
The sharp recovery in operating and free cash flow strengthens internal funding capacity and can support maintenance investment or debt needs. If sustained through the steel cycle, better working-capital discipline and lower capital intensity could improve financial resilience.
Negative Factors
Persistent weak profitability
Very thin operating profitability and continued net losses leave little buffer against weaker steel prices, higher input costs or production disruptions. Until margins recover consistently, cash generation may remain vulnerable and returns on the substantial asset base will stay weak.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
The sharp recovery in operating and free cash flow strengthens internal funding capacity and can support maintenance investment or debt needs. If sustained through the steel cycle, better working-capital discipline and lower capital intensity could improve financial resilience.
Read all positive factors
Maanshan Iron & Steel Co (0323) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$21.74B
Dividend Yield1.64%
Average Volume (3M)3.77M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth3.33%
EPS Growth94.10%
CountryHK
Employees16,780
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)-0.03
Shares Outstanding1,732,930,000
10 Day Avg. Volume4,080,200
30 Day Avg. Volume3,774,775
Financial Highlights & Ratios
PEG Ratio0.90
Price to Book (P/B)0.72
Price to Sales (P/S)0.22
P/FCF Ratio7.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$2.25Price Target Upside30.81% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.06
Revenue Forecast (FY)HK$78.08B
Maanshan Iron & Steel Co Business Overview & Revenue Model
Company Description
Maanshan Iron & Steel Company Limited, established in 1953 and headquartered in Maanshan, People's Republic of China, operates as a significant manufacturer and seller of iron and steel products and their related by-products. The company's market ...
How the Company Makes Money
The company primarily makes money by manufacturing and selling steel products. Its main revenue stream is the sale of finished steel (e.g., rolled steel products), where earnings are driven by shipment volumes and realized selling prices relative ...
Maanshan Iron & Steel Co Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
46
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 76.13B | 77.52B | 81.82B | 98.94B | 102.15B | 113.85B |
| Gross Profit | 3.94B | 4.12B | -774.78M | 557.58M | 3.31B | 14.92B |
| EBITDA | 2.51B | 4.67B | 275.82M | 2.72B | 3.19B | 10.90B |
| Net Income | -199.57M | -203.40M | -4.66B | -1.33B | -819.85M | 5.33B |
Balance Sheet | ||||||
| Total Assets | 80.87B | 81.89B | 78.96B | 84.55B | 96.89B | 91.21B |
| Cash, Cash Equivalents and Short-Term Investments | 12.94B | 11.77B | 6.43B | 5.57B | 7.16B | 12.40B |
| Total Debt | 28.11B | 26.98B | 17.17B | 16.59B | 20.21B | 17.26B |
| Total Liabilities | 44.53B | 44.83B | 51.64B | 52.27B | 63.56B | 53.80B |
| Stockholders Equity | 23.96B | 24.04B | 23.26B | 27.77B | 29.19B | 32.75B |
Cash Flow | ||||||
| Free Cash Flow | 5.59B | 2.18B | -721.51M | -4.41B | -1.70B | 9.19B |
| Operating Cash Flow | 7.16B | 4.12B | 960.87M | 1.99B | 6.64B | 16.77B |
| Investing Cash Flow | -1.97B | 2.24B | -2.79B | -560.87M | -7.10B | -10.72B |
| Financing Cash Flow | -4.91B | -967.35M | 1.09B | -1.36B | 516.57M | -4.90B |
Maanshan Iron & Steel Co Technical Analysis
Positive
1.72
Price Trends
1.70
Positive
1.93
Negative
2.27
Negative
Market Momentum
0.02
Negative
57.21
Neutral
78.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0323, the sentiment is Positive. The current price of 1.72 is below the 20-day moving average (MA) of 1.73, above the 50-day MA of 1.70, and below the 200-day MA of 2.27, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 57.21 is Neutral, neither overbought nor oversold. The STOCH value of 78.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0323.
Maanshan Iron & Steel Co Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$650.70M | 5.93 | 7.76% | 8.00% | -35.49% | -32.38% | |
62 Neutral | HK$228.52M | 1.65 | 7.82% | 2.39% | -39.70% | -51.97% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | HK$1.09B | 31.82 | 1.78% | 3.71% | 12.73% | 69.04% | |
48 Neutral | HK$21.74B | -99.25 | -0.85% | 1.64% | 3.33% | 94.10% | |
45 Neutral | HK$21.06B | -3.86 | -11.45% | 0.38% | -1.22% | 8.37% | |
44 Neutral | HK$13.75B | -4.03 | -18.85% | 6.49% | -6.57% | -6.67% |
* Basic Materials Sector Average
HK:0323
Maanshan Iron & Steel Co
1.78
-0.69
-27.85%
HK:0347
Angang Steel Co
1.16
-0.97
-45.54%
HK:0103
Shougang Concord Century Holding Ltd.
2.10
-1.49
-41.46%
HK:1053
Chongqing Iron & Steel Co., Ltd. Class H
0.90
-0.42
-31.77%
HK:1553
Maike Tube Industry Holdings Limited
1.50
0.09
6.38%
HK:1938
Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.
0.23
-0.21
-48.64%
Maanshan Iron & Steel Co Corporate Events
Maanshan Iron & Steel Board Backs New General Manager and Major Provision Adjustments
Aug 28, 2026
Maanshan Iron Steel Company Limited, a major Chinese steel producer listed in Hong Kong, manufactures and sells raw materials, unfinished steel products and finished steel goods to domestic and overseas markets. Its operations are guided by a boa...
Maanshan Iron & Steel Posts Stable Mid-2026 Operating Volumes and Pricing
Aug 28, 2026
Maanshan Iron Steel Co has disclosed unaudited operating data for the first half of 2026, as required by the Hong Kong and Shanghai exchanges. The company reported production and sales volumes closely aligned across its main product lines, includ...
Maanshan Iron & Steel Posts Slight Asset Decline and Skips Interim Payout in 2026 Results
Aug 28, 2026
Maanshan Iron Steel released its unaudited 2026 interim results, emphasizing that the full report is available on the Shanghai and Hong Kong stock exchange websites and has been reviewed by the board’s audit and compliance committee. The bo...
Maanshan Iron & Steel Names Veteran Executive Fu Ming as General Manager
Aug 28, 2026
Maanshan Iron Steel has appointed veteran executive Fu Ming as its new general manager following board approval at its latest meeting. Fu, a 58-year-old senior engineer who joined the company in 1991, has risen through key production roles and ha...
Maanshan Iron & Steel Sets August Board Meeting to Approve Interim Results
Aug 5, 2026
Maanshan Iron Steel Company Limited has scheduled a board meeting for 28 August 2026 to review and approve the unaudited interim results of the company and its subsidiaries for the period from 1 January 2026 to 30 June 2026, prepared under PRC ac...
Maanshan Iron & Steel Restructures Environmental Assets via Connected Capital Increase
Jul 31, 2026
Maanshan Iron Steel’s subsidiary Magang Limited has joined 15 other shareholders of Baowu Water in contributing their combined 96.48% equity stake in Baowu Water into Baowu Environmental Technology as a capital increase valued at RMB3.48 bi...
Maanshan Iron & Steel Sees Narrower Interim Loss Amid Sector Headwinds and Investment Hit
Jul 14, 2026
Maanshan Iron Steel expects to post a net loss of about RMB72 million attributable to shareholders for the first half of 2026, a slight year-on-year improvement from a RMB75 million loss, while its loss excluding non-recurring items is projected ...
Maanshan Iron & Steel Reports Bankruptcy of Key Energy Subsidiary of Investee
Jul 3, 2026
Maanshan Iron Steel has disclosed that Xinyang Steel Jingang Energy, a 70%-owned subsidiary of its investee Henan Jinma Energy, has been placed into bankruptcy liquidation by the People’s Court of Pingqiao District in Henan. The entity, eng...
Maanshan Iron & Steel Clears All Resolutions at Highly Attended 2025 AGM
Jun 16, 2026
Maanshan Iron Steel Company Limited held its 2025 annual general meeting on 16 June 2026 at its Magang Office Building in Maanshan City, Anhui Province, with all resolutions proposed in the AGM notice approved. The meeting saw participation from ...
Maanshan Iron & Steel Details Valuation Methods for Baowu Capital Increase
Jun 1, 2026
Maanshan Iron Steel has issued a supplemental announcement regarding a potential connected transaction involving a capital increase in Baowu Water and Baowu Environmental Technology. The company clarified that both valuation reports for these aff...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.