Conch Cement 0914

Re: Anhui Conch Cement 0914

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

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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

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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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Re: Conch Cement 0914

Postby winston » Wed Jun 20, 2018 10:40 pm

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Anhui Conch Cement - H Share 海螺水泥-H股 (914 HK)

It is the second largest cement producer in China with a total capacity of 335mt by the end of 2017.

Its core businesses are in east and south regions which are still enjoying fast economic growth, and thus, higher cement demand.

Net cash position edged up further to Rmb13b in 1Q18 from Rmb10b in 2017.

Operating cash flow recorded 22.4% CAGR for the period of FY 2015-2017.

Abundant cash allows the company to respond quickly to M&A opportunities and even further increase its dividend payout ratio, which had already been raised to 40% in 2017 from 30% in 2014-16.

Conch-H is trading at 9.3x 2019F PE, which is lower than the historical average of 10.2x. We maintain BUY with target price of HK$55.40.

http://english.conch.cn/

Source: UOBKH
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Re: Conch Cement 0914

Postby winston » Thu Jul 19, 2018 10:11 am

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Anhui Conch Cement - H share 海螺水泥-H股 (914 HK)

It is the second largest cement producer in China with a total capacity of 335mt as at the end of 2017.

Its core businesses are in eastern and southern regions which are still enjoying fast economic growth and thus higher cement demand.

Net cash position edged up further to Rmb13b in 1Q18 from Rmb10b in 2017.

Operating cash flow recorded 22.4% CAGR for the period of FY 2015-2017.

Abundant cash allows the company to quickly respond to M&A opportunities and even further increase its dividend payout ratio, which had already been raised to 40% in 2017 from 30% in 2014-16.

Recently, Conch announced a positive profit alert, expecting the net profit to increase from 80% to 100% for 1H18.

Conch-H is trading at 8.3x 2019F PE, which is lower than the historical average of 10.6x. We maintain BUY with target price of HK$58.45.

http://english.conch.cn/

Source: UOBKH
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Re: Conch Cement 0914

Postby winston » Fri Aug 24, 2018 9:20 am

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Anhui Conch (914 HK/600585 CH): Leveraging on home base to push overseas

Anhui Conch Cement (914 HK/600585 CH), listed in both Hong Kong and Shanghai, is engaged in the production and sale of cement, commodity clinker and aggregate.

The group recently reported a 43.4% YoY rise in revenue to RMB45.7b and a 92.4% increase in net profit to RMB12.96b in 1H18, boosted by a substantial rise in composite selling prices.

Further improvement in the supply-and-demand conditions of the aggregate market benefiting from more stringent safety and environmental protection standards had supported prices.

Looking ahead the market would likely look for cues on sustainability of cement price growth.

For the group, it will also continue with its overseas expansion efforts, especially with the construction of projects in Laos and Myanmar, and to accelerate preliminary preparation works for projects in Russia and Uzbekistan.

Based on 1.95x FY19F book (above +1 s.d over two-year historical), we derive fair value estimates of HK$51.05 and RMB37.73 for the H- and A-shares respectively, translating to HOLD ratings based on current prices.

Source: OCBC
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Re: Conch Cement 0914

Postby winston » Thu Aug 30, 2018 10:33 am

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CONCH CEMENT(914)

Analysis:
In accordance with IFRSs, 18H1 revenue amounted to approximately RMB45.7bn (+43.36% yoy), while profit attributable to shareholders was approximately RMB12.96bn (+92.38% yoy) with basic earnings per share of RMB2.45.

The production capacity of clinker, cement, aggregates and commercial concrete amounted to 248mn/344mn/30.90mn tones and 0.6mn for cubic meters.

GPM of 42.5-/32.5R-grade cements and clinker increased by 13.15pp/12.76pp/2.73pp respectively.

Consolidated GPM of aggregate and carpolite improved by 17.23pp to 71.15%, which was mainly attributable to the significant increase in ASP as a result of further improvement in supply-and-demand conditions of the aggregate market benefiting from the strengthened safety and environmental protection governance and the further subdivision of its product category by the company.

Strategy:
Buy-in Price: $49.55, Target Price: $55.00, Cut Loss Price: $45.00

Source: Phillips
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Re: Conch Cement 0914

Postby winston » Tue Sep 11, 2018 1:18 pm

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<Research Report>UBS Initiates CONCH CEMENT (00914.HK) at Buy with Target Price $56.49

UBS opined in its report that it has initiated coverage of CONCH CEMENT (00914.HK) at Buy with a $56.49 price target.

It expects a balanced supply-demand dynamics in East and South China in the coming two years, where the company has roughly 70% of its capacity.

With more positive view than the market, the research house's 2018-19 CONCH CEMENT earnings estimates are 11% and 18% higher than consensus, respectively.

CONCH CEMENT's present price is approximately 1.7x of the P/BV ratio, 0.5SD above its historical average and close to its peer in Asia.

Source: AAStocks Financial News
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Re: Conch Cement 0914

Postby winston » Tue Oct 02, 2018 9:26 am

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Anhui Conch (914 HK / 600585 CH): Streamlining sales channels

Anhui Conch recently disclosed that certain subsidiaries of the company located in East China will sell cement products to Jiangsu Conch Building Materials (JCBM).

Explaining this move, Anhui Conch said it will unify the sales of cement products of certain subsidiaries in East China to JCBM, which will in turn sell the cement products to end users along the Yangtze River region of East China.

Meanwhile, the street is forecasting 71% earnings growth for this year and about 3% for 2019.

To recap, the group’s earnings grew by 92% in 1H18, boosted by a substantial rise in composite selling prices.

Looking ahead, cement prices are likely to stay supported or even increase further in 4Q, driven by the generally low inventory level and stronger demand during the peak season.

Beyond that, the street is still generally cautious as seen by the mere 3% earnings growth forecast for 2019; we are forecasting 6% growth.

Source: OCBC
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