【出版时间及名称】：2009年12月印度钢铁行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：76
        【目录或简介】：
Investment summary 5
Executive summary 5
Demand growth to absorb supply 6
Our stock initiations 8
Valuations 14
Why a blended approach? 14
Valuation triggers 14
JSW Steel 15
Tata Steel 15
Steel Authority of India 16
Valuation 19
HSBC Asia steel valuations 20
HSBC Asia steel valuations 21
HSBC Global steel model 23
HSBC Asia steel model 24
Demand-supply dynamics 26
Volume growth driven by domestic demand 26
India to remain a net importer 27
Stable outlook for key steel-consuming industries 29
Indian steel consumption: a snapshot 30
Pricing: near-term softness 32
Premiums to Chinese import prices narrows 32
China – de-stocking watch 34
European volume should recover 37
Expecting a European recovery 37
Growth to break records 39
Capacity will not be constrained until 2012 42
Competitive cost analysis 43
Who is most cost-competitive? 44
Focus on securing raw material 45
Input costs outlook 46
Company profiles 49
JSW: Volume leverage 50
Well placed to capture domestic growth 50
Valuations and risks 52
Catalysts 53
About the company 53
JSW snapshot 55
Financials & valuation: 56
Tata Steel: High debt levels a
concern 57
Indian operations to remain the mainstay 57
Valuations 59
About the company 60
Comparison of Tata Steel UK with European peers 62
Financials & valuation: 63
Steel Authority of India:
Stretched valuations 64
Valuation and risks 66
About the company 67
Financials & valuation: 70
Disclosure appendix 72
Disclaimer 75
Contents