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Bro, seem like u purposely add a 0 behind. Also u know when the results out as well as share price up 2 sen before announcements. U also add a 0 behind. So when the boss push to 60sen or 70sen? Recently drop should be kill contra players I guess. Based on this quarter announcements, 1st Q 2022, I calculated the profit should be at least RM 100m excluding the impact of iron ore prices dropped since August. If take in the impact, then profit should be much more than RM100m.
If the group reversed impairment previously done about RM300m due to steel price up and agreed by auditor. Plus current quarter profit estimates RM50m then total profit for year 2021 will b about rm450m or more. Then 10sen dividend is possible but might be affected their cash flows as reversal
Impairment becomes income no cash inflow unless dividend from essb. TQ.
The world steel price influenced by China as China supply more than half to the world especially to SEA. China Internal demand strong hence gov withraw rebate for steel export but imposed tax for export. Previously China export but now china import the steel. In mid n long term is good for all steel manufacturers.
Local economy recovery still weak. Luckily international prices is good and export to china and SEA. If next year local economy recover then wil b double effects. Profit even higher. Also essb also upgrading their facilities and profit margins will b improved.
If last time u are right, but now china strategy had changed the world. The steel price even higher because of china curb production lead iron ore prices drop. Meanwhile push infra n economy internal recovery lead steel price can maintain or higher. No such thing like iron ore drop then steel price drop already. Pray for China continue curb production n flight with Australia. Then steel industry will continue make big profit.
