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01313 CR BLDG MAT TEC
RTNominal up1.160 +0.010 (+0.870%)
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08/01/2018 15:52

[I-bank focus]Goldman lifts CR Cement (01313) to HK$5.5

[ET Net News Agency, 8 January 2018] Goldman Sachs lifted its target price for China
Resources Cement (CRC)(01313) to HK$5.5 from HK$5.4, and maintiained its "neutral" rating.
The research house revised up CRC earnings forecasts by 20% for 2017, 25% for 2018 and
4% for 2019, to reflect stronger-than-expected cement pricing and margin in the past
month, and potential higher base for 2018, driven by the industry's self-discipline.
Nevertheless, Goldman sees mild upside potential in the share price, as implied P/E is
at 5.1-6.5x in Goldman's 2018 bull-case scenario of unit gross profit at Rmb100-120/t
(versus 4Q 2017 of Rmb120/t in its estimates and historical range of 5-13x). (KL)

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