[ET Net News Agency, 9 August 2019] Nomura lifted its target price for China National
Building Material (CNBM)(03323) to HK$6.6 from HK$6 on improving free cashflows and
maintained its "neutral" rating on the limited upside.
Post CNBM's positive profit alert, the research house revised up its 2019/20 earnings
forecasts by 5% each, factoring in better cement shipments and prices.
Nomura said its recent check with management indicated that cement shipments would grow
by 7% in 1H, with a high-single-digit price increase. Based on company guidance, Nomura
forecast CNBM to deliver a CNY6.1bn net profit in 1H. Although it believes that potential
easing policies could boost cement demand in 2H, Nomura expects CNBM's earnings growth to
be flat in 2H, given the high base in 2H 2018. (KL)
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03323 CNBM
Nominal 
2.980 -0.050 (-1.650%) Others
09/08/2019 11:26
{I-bank focus}Nomura lifts CNBM (03323) to HK$6.6; "neutral"
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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