[ET Net News Agency, 11 February 2020] Nomura maintained its target price for China
Resources Cement (CRC)(01313) at HK$11.3 but upgraded its rating to "buy" from "neutral"
after a 7% share price decline over the past one month.
The research house estimated CRC to record 7% cement shipment increase in 2020, helped
by the rainfall-led low base in 2019. With 80% shipment coming from Guangdong, Guangxi,
and Fujian provinces, CRC could be one of the beneficiaries of the easing of policy as the
China government's focus is back on large cities for potential infrastructure investment.
Nomura cited CRC management saying that cement demand usually remains low from Chinese
New Year to the Lantern Festival (on 8 February). However, transportation capacity is
tight in China due to city lockdowns and road restrictions. Thus, management believes that
a supply tightness is likely when demand starts recovering. (KL)
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01313 CR BLDG MAT TEC
Nominal 
1.050 -0.030 (-2.778%) Research Report
11/02/2020 12:35
{I-bank focus}Nomura upgrades CR Cement (01313) to "buy"
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