[ET Net News Agency, 9 August 2019] Nomura lowered its target price for Anhui Conch
Cement (00914) to HK$53 from HK$53.7 to reflect the gradual reduction in cement demand, as
evident in the Japan and Taiwan markets. The research house maintained its "buy" rating.
It said raised its 2019/20 earnings forecasts by 3%/6% factoring in better cement
shipments. Nomura sees Conch as good quality and defensive name in the long term, given
its low production cost, strong balance sheet, and high dividend yield versus peers.
Although the latest politburo meeting suggests that Beijing has become increasingly
hawkish towards property sector regulations, Nomura believes that Beijing cannot afford to
stop easing, with a possibility that policy easing/stimulus is likely to ramp-up again in
4Q. With China's easing policies, Nomura forecast China cement demand to grow 5%/3% in
2019/20. (KL)
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00914 CONCH CEMENT
Nominal 
17.520 -0.360 (-2.013%) Others
09/08/2019 11:33
{I-bank focus}Nomura cuts Anhui Conch (00914) to HK$53
| Remark: | Real time quote last updated: 19/09/2024 17:59 |
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