[ET Net News Agency, 3 April 2020] Goldman Sachs tweaked its target price for West
China Cement (WCC)(02233) to HK$2.05 from HK$2.1 and maintained its "buy" rating.
The research house said WCC's 2019 recurring profit of Rmb1,849mn was 7% higher than
Goldman's estimates mainly due to higher sales volume and income from the
financial-leasing operation.
Goldman estimated profit from the non-core financial leasing business contributes to 9%
of earnings in 2019, a slight increase from 8% in 2018.
The company expects stable cement volume for 2020, yet strong growth in aggregates and
RMC (ready mix concrete) operation. Construction activities have been recovering yet are
still 60-70% of normal levels, leading to high silo inventory and weak cement pricing on
the ground. Goldman expects unit margin will remain lower in 1H, but should improve in 2H.
(KL)
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02333 GWMOTOR
Nominal 
11.860 +0.040 (+0.338%) Others
03/04/2020 14:26
{I-bank focus}Goldman tweaks West China Cement to HK$2.05
| Remark: | Real time quote last updated: 26/04/2024 11:50 |
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