[ET Net News Agency, 26 August 2019] Goldman Sachs lifted its target price for Anhui
Conch Cement (00914) to HK$46 from HK$44 and maintained its "neutral" rating.
The research house said Conch's 1H recurring net profit of Rmb15.2bn was 11% ahead of
Goldman's estimates, on better than expected unit profit, partly offset by higher SG&A
costs. Goldman estimated current unit GP is Rmb140-150/t, yet expects limited seasonal
improvement in 2H, due to decelerating construction demand.
The potential effective new additions in clinker capacity in the name of "replacement
projects" in the industry would further weaken the supply/demand of the cement industry in
2020. Specifically, Goldman estimated the effective new clinker capacity would reach 4% of
the industry total, with more aggressive additions in the Yangtze delta (YZD), Southwest,
and central south. (KL)
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00914 CONCH CEMENT
Nominal 
17.320 +0.060 (+0.348%) Others
26/08/2019 11:39
{I-bank focus}Goldman lifts Conch Cement (00914) to HK$46
| Remark: | Real time quote last updated: 16/04/2024 12:32 |
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