Prospects:
Annjoo remains optimistic in the short to medium term:
1. China has announced plans for reduction of 25m to 35m mt of steel capacity in 2018. China wants to enforce stringent environmental controls and focus towards quality production.

2. SEA countries will benefit from huge infrastructure spending and China's Belt-Road initiatives.

3. Domestic demand for contruction steel is expected to pick up, driven by large-scale infrasctructure and development projects.

4. Annjoo is not exporting to US, so US global tariff on all steel imports is not going to affect it.

5. Hybrid blast furnace-electric arc furnace technology can reduce its cost.

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FY2017净利增加到RM2亿，YoY+23%。 股息是RM0.19，股价是RM3.27，股息率有5.1%。但是，公司还是高负债，总借贷是RM8.5亿，相比去年RM9.6亿，下跌了13%。

这一季，营收增到RM6.1亿，Yoy+29%。主要是卖价提高了（国际行情）。总销售量也提高了，因为本地有大型的基建项目。盈利率也提高了。这一季还有额外RM1100万的营收，相比去年只有RM800万。融资成本跌到RM860万，相比去年是RM960万。所得税按年跌65%到RM500万，相比去年是RM1400万。

前景：
公司对中短期乐观：
1. 中国要在2018减少2500万到3500万的钢铁产量。中国对保护环境越来越严格，也较专注品质。

2. 东南亚会从大型基建和一带一路受惠。

3. 本地的需求会提高，受惠于大型基建项目。

4. 公司不出口美国，对美国提高关税没影响。

5. Hybrid blast furnace-electric arc furnace的科技能降低成本。

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James Ng