01231 NEWTON RES
- 0.440
- +0.045+11.39%
NEWTON RES News
Express News | Newton Resources H1 Revenue USD 174.8 Million
NEWTON RES: Interim Report 2024
CITIC Securities: Steel prices fluctuate and seek the bottom, waiting for demand to recover.
Currently, as we approach the end of August, whether the demand will improve in the later period will be the key to whether steel prices will stop falling and rebound, given the significant reduction in production in steel mills.
Newton Resources' Attributable Profit Halves in H1; Shares Up 3%
Newton Res (01231) released its interim performance with a net profit attributable to shareholders of $1.421 million, a decrease of 50.04% year-on-year.
Newton Res (01231) released its interim performance for 2024, with the group generating revenue of 0.175 billion US dollars, a year-on-year decrease...
NEWTON RES: INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2024
Steel companies are issuing warnings about a "severe winter"! The market cap of the world's four largest iron ore miners has evaporated by over 100 billion US dollars.
Many steel companies' predictions about the severe industry outlook have made several major international iron ore suppliers, who are upstream industries, begin to have a difficult time in recent days. Since the beginning of this year, the price of this key steelmaking raw material has fallen by more than one-third. The market capitalization of the "four major" global iron ore miners has evaporated by about 100 billion US dollars in total.
Newton Resources Expects Lower Profit in H1
Newton Res (01231.HK) is expected to have a decrease in net profit after tax of about 1.4 million US dollars in the middle term.
On August 9th, Grangoodi announced that, based on the preliminary review of the unaudited comprehensive management accounts and currently available other information for the six-month period ending on June 30, 2024, the group is expected to record a decrease in net profit of approximately USD 1.4 million, compared to approximately USD 2.9 million recorded in the six-month period ending on June 30, 2023. The decline in the group's net profit during the period is mainly due to weak demand for high-grade iron ore from the group's customers. Therefore, the group's sales of iron ore decreased compared to the same period last year, while other activities remained stable.
Express News | Newton Resources Ltd - Expected Result Due to Weak Demand for High-Grade Iron Ores by Group's Customers
Express News | Newton Resources Ltd Sees Decrease in Hy Net Profit to US$1.4 Mln
NEWTON RES: PROFIT WARNING
Board of directors meeting of Newton Res (01231.HK) was held on August 22 to approve the mid-term performance.
Newton Res (01231.HK) announced that the board of directors meeting will be held on Thursday, August 22, 2024 to approve the interim performance announcement of the company and its subsidiaries for the six-month period ending on June 30, 2024, and to consider the distribution of interim dividends (if any).
NEWTON RES: Date of Board Meeting
Huabao Securities: Blast furnace start-up increases compared to the low demand season, steel prices downward pressure.
In July, the terminal demand for steel is still greatly affected by seasonality, and the space for supply contraction is limited. It is expected that the steel price will continue to decline in July, and the short-term profit situation of steel companies may be difficult to improve significantly.
Hong Kong stock market concept tracking: Institutions are optimistic of the steel industry's profit recovery in the second half of the year, as infrastructure projects may have concentrated efforts to complete. (Attached concept stocks)
The situation of relatively surplus raw material supply will also continue, and steel mill profits are expected to rebound due to the double bullish of demand improvement and cost reduction.
Huafu Securities: Profits hit a bottom waiting for recovery, steel prices still have support.
In 2024, there is an expected contraction in steel supply, downstream consumer demand is expected to stabilize, and the steel supply-demand relationship may be improved. Considering the positive development of steel products towards high-end and high added value direction, the industry concentration is expected to further increase, and industry profits may bottom out and recover.
Newton Res (01231.HK) has appointed Hang Qingli as an independent non-executive director.
Newton Res (01231.HK) announced on June 27 that Hang Qingli has been appointed as an independent non-executive director, as well as members of the board's audit committee, nomination committee, and remuneration committee, effective July 1, 2024.
Huabao Securities: With the upstream supply and demand easing and the downstream vanadium pentoxide prices rebounding, the gross margin of vanadium products is expected to improve.
Overall, the upstream supply and demand is loose, and the downstream vanadium pentoxide prices have rebounded, resulting in a widening of the price spread, which is beneficial for improving the gross margin of vanadium products. Continue to pay attention to the investment opportunities brought about by the restructuring of the supply and demand structure.
Huabao Securities: The overall steel inventory removal process in April accelerated downstream demand or was supported by policies
As the release of steel mill supply gradually progressed in April, compounded by national policies to stimulate downstream demand, the overall rate of steel de-stocking accelerated in April. The improvement in profits of steel companies stimulates the enthusiasm of steel mills to produce, and it is expected that the capacity utilization rate of steel mills will continue to grow in May.
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