Cement Producers

Re: Cement Producers

Postby winston » Tue Aug 04, 2020 8:45 am

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Cement prices stabilized as weather conditions improved; the average inventory level declined

The average price (nationwide) of 42.5 grade cement rose slightly to Rmb422/tonne last week.

The average coal price decreased by Rmb1/tonne to Rmb541/tonne last week.

China United Cement, a subsidiary of CNBM, reported 11% growth in operating profit in 1H20.

Cement stocks under our coverage rose by 8.36% on average last week.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C204548646
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Re: Cement Producers

Postby winston » Wed Aug 19, 2020 9:42 am

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Cement (OVERWEIGHT) - Against all odds

Market fears over a price war have not materialised.

We expect the 47% yoy surprise rise in 2021F infra budget to revive confidence in sales volume.

Conch is being officially investigated for predatory pricing.

Since then, it has been revising down historical cement sales figures aggressively as well.

Our top pick is SMGR as its leveraged buyout of Holcim looks well-executed and allows it to acquire cross-bagging capability for its cement plants.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... D712BE91C0
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Re: Cement Producers

Postby winston » Wed Sep 09, 2020 9:20 am

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Cement – China
Weekly: All Set For A Cement Price Rally


The uptrend in cement prices since the end of the rainy season continues with the national average cement price rising 2% to Rmb422.05/tonne.

National cement storage capacity ratio has dropped 14ppt since 24 July.

National cement production as of July was still 3.5% lower yoy.

Entering the peak season for construction activities coupled with the sizeable number of infrastructure projects in the pipeline, cement prices are expected to rally in the coming months.

Maintain OVERWEIGHT.

Source: UOBKH

https://research.uobkayhian.com/content ... ca8c8c5ad8
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Re: Cement Producers

Postby winston » Mon Oct 19, 2020 9:26 am

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Cement – China
Weekly: Price Recovery Continues While Coal Cost Hike Weighs On Margin
s

The upward momentum in cement prices since the end of the rainy season remains intact with national ASP edging up 3.4%.

The eastern and southern regions led the prices rally with respective increases of 7.4% and 2.4%.

However, recent stronger-thanexpected domestic coal prices may weigh on cement gross margin in 4Q20.

The sizeable number of infrastructure projects commencing construction in 4Q20 is expected to serve as a key catalyst for the cement sector.

Maintain OVERWEIGHT. Top picks: CR Cement, Anhui Couch.

Source: UOBKH

https://research.uobkayhian.com/content ... 40031ee8e9
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Re: Cement Producers

Postby winston » Tue Feb 23, 2021 10:15 am

Cement – China
Earlier-Than-Expected Price Hikes To Trigger Valuation Recovery In The Near Term


Cement and clinker prices in the Yangtze River Delta saw their first hikes in 2021
coming in much earlier than expected.

This was due to low inventory levels and the earlier resumption of construction work.

The sector is currently trading at 0.5 to 1.0SD below the historical mean PE after a major pullback in 2H20.

We expect the sector’s valuations to recover in the near term due to positive catalysts like the price hikes and the low base in 2020. Maintain UNDERWEIGHT.

Source: UOBKH

https://research.uobkayhian.com/content ... ca970c6607
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Re: Cement Producers

Postby winston » Mon Mar 08, 2021 10:21 am

Cement prices stable in early Mar; Conch Cement’s pre-announced 2020 results largely in line

The average price (nationwide) of 42.5 grade cement dropped by 0.2% to Rmb435/tonne last week.

The average coal price decreased by Rmb36/tonne to Rmb578/tonne last week.

Conch Cement pre-announced that its 2020 net profit grew 4.6% yoy to Rmb35.1bn,
in line with market expectations.

Cement stocks under our coverage decreased by 2.21%, on average, last week.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 892D0BDA66
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Re: Cement Producers

Postby winston » Mon Mar 29, 2021 10:00 pm

Cement prices continued to rise thanks to better weather and the resumption of construction activity

The average price (nationwide) of 42.5 grade cement increased by 1.6% to
Rmb443/tonne last week.

The average coal price remained at Rmb582/tonne last week.

Sinoma International, an engineering business controlled by CNBM, expected its
1Q21 net profit to grow 70–90%.

Cement stocks under our coverage decreased by 2.86%, on average, last week.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 352F05FFCA
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Re: Cement Producers

Postby winston » Mon Jun 07, 2021 12:56 pm

Cement prices continued to drop during low season; off-peak production suspension started in Shandong

The average price (nationwide) of 42.5 grade cement decreased by 1.3% to
Rmb459/tonne last week.

The average coal price remained at Rmb618/tonne last week.

A summer production suspension commenced in certain provinces.

Cement stocks under our coverage decreased by 3.05%, on average, last week.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 0271E26E5F
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Re: Cement Producers

Postby winston » Mon Jun 28, 2021 10:04 am

Cement prices continued to drop; good progress in the production suspension in Shandong

The average price (nationwide) of 42.5 grade cement decreased by 1.5% to Rmb439/tonne last week.

The average coal price rose to Rmb644/tonne last week, implying an increase of
about 21% yoy.

Coordination of the summer production suspension worked well.

Cement stocks under our coverage increased by 0.83%, on average, last week.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C2F717DE88
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Re: Cement Producers

Postby winston » Mon Jul 12, 2021 10:20 am

China: Cement prices remained weak last week; industry consolidation opportunities may emerge

The average price (nationwide) of 42.5 grade cement decreased by 1.9% to
Rmb428/tonne last week.

The average coal price increased to Rmb669/tonne last week, implying an increase
of about 23% yoy.

Some second-tier cement stocks are trading at a very low P/Bv ratio after the
correction in recent months. This may suggest potential industry consolidation in the
foreseeable future.

Cement stocks under our coverage dropped by 2.82%, on average, last week.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... F750C8A452
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