[ET Net News Agency, 11 July 2018] UOB Kay Hian lowered its target price for China
Resources Cement (CRC)(01313) to HK$10 from HK$10.5, and reiterated its "buy" rating.
The research house calculated that 2018/2019 EPS will be diluted by 3.5% and 7% due to
the share placement of 450m shares at HK$9.3 on 12 June.
As such, share price came off sharply from its all-time high (HK$10.38) by almost 30%
within one month after the announcement. However, UOBKH thinks the market has overreacted
to the negative news associated with EPS dilution and property sector slowdown.
UOBKH expects cement prices to hold up well in the traditional low weak season in
July-August due to low inventory and strict implementation of the off-peak production
halt. Thus, it revised up its 2018/2019 net profit forecasts by 15%/9% respectively,
translating to EPS change of 11%/2% accordingly. (KL)
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01313 CR BLDG MAT TEC
Nominal 
1.240 +0.080 (+6.897%) Others
11/07/2018 17:13
[I-bank focus]UOBKH lowers CR Cement (01313) to HK$10
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