Conch Cement 0914

Re: Anhui Conch Cement 0914

Postby winston » Thu Jan 11, 2018 7:00 pm

vested

Jan 5, 2018

<Positive Profit Alert>CONCH CEMENT Expects 2017 Net Profit to Jump 70-90% YoY

CONCH CEMENT (00914.HK) announced that it expected to have a significant growth in results and to record an increase of approximately 70% to 90% in its Net Profit for the year ended 31 December 2017 as compared to that for the year ended 31 December 2016.

Source: AAStocks Financial News
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Re: Conch Cement 0914

Postby winston » Thu Jan 11, 2018 8:17 pm

Anhui Conch drops most in nearly two years in Shanghai as cement demand falls amid cold weather

Shares of the cement maker tumbles most since February 2016 in Shanghai after clinker prices fell by 30pc in eastern China

Until Wednesday, Anhui Conch had soared 15 per cent this year, adding to a 73 per cent surge in 2017.

Prices dropped in the eastern provinces of Jiangsu and Anhui as cold weather slows construction activities.

Anhui Conch raised its 2017 earnings growth estimate to as much as 90 per cent last week from the 70 per cent forecast in its third-quarter report.


Source: SCMP

http://www.scmp.com/business/china-busi ... falls-amid
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Re: Conch Cement 0914

Postby winston » Fri Jan 12, 2018 1:42 pm

not vested

Upward path on earnings prospects Reiterate BUY, raised FY17/18F earnings by 10%/29%.

Since our last report dated 24 October 2017, cement selling prices in China have been upbeat, led by price rally in East and Central China (accounting for 58% of Conch’s sales volume), mainly due to low inventory from supply discipline.

Kiln closures in Shandong and Henan for winter heating season (15 November 2017 to 15 March 2018) have been well executed.

In 4Q17, average cement selling prices in East and Central China had hiked 29% q-o-q (or Rmb78/t) and 25% q-o-q (or Rmb66/t) respectively.

Based on strong cement gross profit margin at end-December, we expect 1Q18 cement profitability to be upbeat.

We have upgraded FY18F unit GP to Rmb110/t vs Rmb88/t forecast previously.


Valuation:

We raised our H-share TP to HK$52.74, led by earnings upgrade. Our Hshare target valuation is pegged at an unchanged 12.0x FY18F PE.

The positives include possibly upbeat 1Q18 cement profitability, continuous low cement & clinker inventory, FY17F dividend payout hike and business development of aggregates.

Our A-share TP is hiked to Rmb40.35.

Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
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