Anhui Conch Cement 0914

Re: Anhui Conch Cement 0914

Postby winston » Wed Oct 26, 2011 9:30 am

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DJ Anhui Conch Cement 3rd-Quarter Net Profit Doubles At CNY3.06 Bln

HONG KONG (Dow Jones)--Anhui Conch Cement Co. (0914.HK), China's largest cement maker by output, said Tuesday its third-quarter net profit, more than doubled from a year earlier, due to higher product prices.

The Hong Kong- and Shanghai-listed company said in a statement its net profit for the three months ended Sept. 30 was CNY3.06 billion, up from CNY1.36 billion a year earlier, according to Chinese accounting standards.

Operating revenue rose 49% to CNY12.65 billion from CNY8.49 billion.

Source: Dow Jones Newswires
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Re: Anhui Conch Cement 0914

Postby winston » Wed Oct 26, 2011 10:41 am

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DJ MARKET TALK: Citi Slashes Conch Target 39% But Still Keeps At Buy

1008 [Dow Jones] STOCK CALL: Citigroup slashes Anhui Conch Cement's (0914.HK) target to HK$28.05 from HK$45.77, as it takes into account the risk aversion in the market, and changes from P/E valuation to EV per tonne; but it keeps the stock at Buy.

The house says Conch delivered strong 3Q numbers, with gross profit/ton staying above CNY132, gradually trending up, and has gone beyond CNY140/tonne in October.

"If all rumors on price cuts had been right, gross profit/tonne for the company would have fallen below CNY100.

The previous selloff was mainly derived from the panic over the macro picture,"

Citi says. Anhui Conch bucks the broad market trend to rise 1.0% to HK$24.85.

Source: Dow Jones Newswire
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Re: Anhui Conch Cement 0914

Postby winston » Thu Jan 12, 2012 9:13 am

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DJ Anhui Conch Expects 2011 Net Profit To Rise Over 80%

HONG KONG (Dow Jones)--Anhui Conch Cement Co. (0914.HK) expects its 2011 net profit to have risen more than 80% due to higher product prices and sales volume, China's largest cement maker by output said Wednesday.

The Hong Kong-and-Shanghai-listed company didn't provide figures for its full-year forecasts in a statement.

Its 2010 net profit was CNY6.17 billion according to Chinese accounting standards, it said.

Source: Dow Jones Newswires
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Re: Anhui Conch Cement 0914

Postby winston » Fri Apr 20, 2012 6:44 am

Anhui Conch net slumps 44pc

China's largest cement producer by output, Anhui Conch (0914), said earnings slumped 44 percent in the first quarter from a year ago.

Net profit - 1.25 billion yuan (HK$1.54 billion), or 24 fen per share, during the January- March period - was below forecasts.

The firm attributed the disappointing numbers to lower retail prices for cement and higher production costs.

Total revenue fell 4.9 percent to 8.9 billion yuan in the period, while operating profit dived 54 percent to 1.3 billion yuan.

The result was worse than a prediction by JPMorgan of a 20-30 percent year-on-year decline in the first quarter. The bank was positive on volume and pricing for the second quarter.

Analysts said sales are picking up in the second quarter.

JPMorgan expects consumption to increase in line with the 7 percent production growth in the first quarter.

Shares of Anhui Conch rose 1.2 percent to HK$25.20 yesterday.


http://www.thestandard.com.hk/news_deta ... 20420&fc=8
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Re: Anhui Conch Cement 0914

Postby winston » Mon Apr 23, 2012 11:49 am

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DJ MARKET TALK: Citi Raises Anhui Conch Cement To HK$29.20;Keeps Buy

1435 [Dow Jones] STOCK CALL: Citigroup lifts Anhui Conch Cement's (0914.HK) target price to HK$29.20 (14.2X FY12 P/E, average since 2001) from HK$27.50, as it changes from EV/ton (more relevant in the downcycle) to P/E valuation, since the industry is bottoming out and as the profit outlook becomes more crystallized; It keeps the stock at Buy.

The house says it has a demand growth forecast of 5.3% for 2012 vs the actual growth posted in 1Q12 at 7.0%; "since demand should sequentially improve as liquidity eases further, we may see upside risk to our demand forecast."

Conch is up 2.8% at HK$25.90, recovering from an intraday low of HK$24.70, after its 1Q net profit fell 44% on-year to CNY1.25 billion.

Source: Dow Jones Newswire
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Re: Anhui Conch Cement 0914

Postby winston » Mon Jun 11, 2012 8:11 pm

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ANHUI CONCH (00914) maintained Underperform with TP lifted to HK$22.5 by BofA ML
2012-06-08

ANHUI CONCH (00914) issued a profit warning expecting profit for the first half to dive over 50%.

Bank of America Merrill Lynch said the forecast is in line with its estimate and should be within expectations of investors.

The main reason for the decline is that cement price in the eastern region of China has sharply dropped since the beginning of 2012, said Merrill Lynch, who projects gross profit for cement would fall to RMB66/ton from RMB134/ton in the same period of last year with sales up 13.5% to 80.4 million tons.

People's Bank of China's move to lower rates provide support for market sentiment while actual demand increases, said Merrill Lynch, who believes cement industry in China has reached bottom and would show recovery in the fourth quarter.

The broker lowers its 2012 and 2013 earnings forecasts for ANHUI CONCH by 19% and 12% respectively.

ANHUI CONCH was maintained Underperform with target lifted to HK$22.5 from HK$21.5.

Source: AAStocks Financial News
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Re: Anhui Conch Cement 0914

Postby winston » Thu Jul 12, 2012 11:22 am

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DJ MARKET TALK: Conch Cement A Counter Consensus Call -Macquarie

1046 [Dow Jones] Macquarie says Anhui Conch Cement (0914.HK) is one of its "counter consensus calls;" the house says that Conch expects its 1H12 earnings will fall by over 50% on-year while consensus is only forecasting a decline of 30%-40%.

It is also expecting a more bearish 2H recovery due to slower demand and capacity-related issues.

"Downward earnings revisions are likely as the market re-assesses its expectations on pricing. We think the stock is expensive, trading at 12X 2012 P/E and 1.3X replacement cost, notably higher than the sector average of 9X P/E and 0.8X replacement cost."

From a quantitative view, Macquarie says Conch is among the bottom picks from its model, and the stock also has poor momentum with its share price underperforming the HSI by over 12% in the past three months.

Conch is down 2.2% at HK$20.00.

Souce: Dow Jones Newswire
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Re: Anhui Conch Cement 0914

Postby winston » Thu Aug 02, 2012 2:00 pm

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Summary

This is our initial report on Anhui Conch Cement. There is a substantial negative growth in operation performance of the company in the first half year, compared to previous year.

Revenue fell significantly. The main reason is that the economy recession of China made the market demand decrease sharply.

The increase in price of raw material and labor force made the gross profit margin down, the operation pressure from both factors can`t be solved.

The cement industry is in recession now, but with the support of economy stimulus policy from the government in the second half year of 2012, the market demand may rebound and improve the operation results of Anhui Conch.

The financial position of the company is good, although the participation in Xinjiang Qingsong Building Materials And Chemicals is in the loss of status, it won`t have greater impact on the company. Besides, becoming the second largest shareholder of Qingsong could expand the company's operating channel.

The EPS in 2011 is CNY 2,19, we estimate that the EPS in 2012 will be CNY 1.84, the target price in next 6 months is HKD 23.96 under 11x PE. The rating is Accumulate.


Source: Phillips
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Re: Anhui Conch Cement 0914

Postby winston » Wed Aug 15, 2012 11:43 am

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DJ MARKET TALK: Anhui Conch +0.9%; Accumulate By Phase - KGI

1045 [Dow Jones] Anhui Conch Cement (0914.HK) is up 0.9% at HK$20.35, after earlier sliding to an intraday low of HK$20.05, despite posting its 1H12 net profit more than halved to CNY2.93 billion, as Conch's profit warnings in July and China Resources Cement's (0914.HK) worse-than-expected 1H results announced after Friday's market close, should have well prepared investors for 1H earnings woes.

KGI Asia expects Conch's full-year net profit to decline 45% on-year; given its better managed cashflow as well as good earnings quality, the house expects the stock to outperform the sector despite trading at a premium valuation of 14X prospective P/E.

KGI suggests investors to "accumulate by phase" when the stock falls below HK$20.00.


Source: Dow Jones Newswire
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Re: Anhui Conch Cement 0914

Postby winston » Thu Oct 25, 2012 8:21 am

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ANHUI CONCH (00914.HK) 3Q NP drops 66.7% to RMB1B

ANHUI CONCH (00914.HK) recorded net profit of RMB1.018 billion in the third quarter, down 66.75% year-on-year.

Earnings per share were 19 fen. Operating revenue declined 7.6% to RMB11.688 billion.

In the first nine months, net profit receded 56.5% to RMB3.935 billion, representing earnings per share of 74 fen. Operating revenue moved down 7.8% to RMB32.247 billion.


Source: AAStocks Financial News
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