Tag: ASX:BSL

BlueScope Steel is under Algo Engine buy conditions.

BlueScope Steel is under Algo Engine buy conditions.

BlueScope Steel is under Algo Engine buy conditions.

BlueScope Steel was added to our ASX 100 model portfolio on 28/1/21 at $16.03. The share price is now up 60.80% after a 197-day holding period.

The stock remains under Algo Engine buy conditions.

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BlueScope Steel earnings have been upgraded across all segments, which have seen strong volumes and improving steel spreads in Australia and the US.

BSL expects to report 1H21 EBIT of A$530m. The stock has switched to Algo Engine buy conditions and we see support building within the $14.50 to $16 price range.

BlueScope Steel is under Algo Engine buy conditions and we see the current selloff as a buying opportunity.

BSL reported net profit fell 70% to $186 million 2H19 from $624 million on the same time last year. Revenue dropped 8% to $5.8bn from $6.4bn.

EBIT fell 64% $302 million from the year-earlier $850 million.

The company indicated EBIT in the 1H20, had renewed caution because of the uncertain impact from coronavirus on its businesses and customers.

Value is likely to emerge near the $12.50 price level. We add this to our watchlist 

BlueScope Steel is under Algo Engine sell conditions and we see price resistance at $13.00.

Momentum is trending lower with a bearish technical structure suggesting further downside risks.

Bluescope has sold off from $19 (mid-year), to now be trading at $12.10. The stock was expensive and we’re now back in fair value range.

The outlook is uncertain as US and Asian steel spreads contract and lower steel prices negatively impact forward earnings.

Also, leading indicators for the domestic residential construction market are creating investor concerns.

We expect cautious outlook comments from the AGM trading update on Friday, 23 November.

Watch for buying interest to build above the $10.50 support level.

Bluescope

BlueScope has upgraded 2H EBIT guidance to US$680m, this leads to consensus FY18 EBIT of US$1.2bn.

The upgrade driving higher profitability is due to stronger steel spreads in the US.

Bluescope was added to the ASX 100 model on the 6th February and is currently up 26%.