CSC Steel likely to defend market share at the expense of margins

摘要

Maintain hold with an unchanged fair value (FV) of RM1.09: We maintain our "hold" call, forecasts and FV of RM1.09 per share based on 0.5 times CSC Steel Holdings Bhd's book value, consistent with its historical average during the last down cycle in the flat steel sector in 2012-2015.