Shaving guidance from 4mt to 3.6mt is a good conservative approach which gives a margin of safety (although CEO, Peter Kerr, seemed pretty proud of meeting guidance in the March quarter by including the words "guidance met")
in the recent report, Peter Kerr also used the words "sales revenue of $12 million per ship". If we used this figure and the 4mt guidance then that would equate to circa addittional $100 million in sales.
Singapore futures forward 1 month as convexity uses on the FMG daily IO price thread is probably better for forward predictions . . . so I would not be concerned about us not having yesterdays custeel prices.
MGX Price at posting:
49.0¢ Sentiment: Buy Disclosure: Held
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