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03323 CNBM
RTNominal up2.200 +0.010 (+0.457%)
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05/10/2018 15:10

[I-bank focus]HSBC upgrades CNBM (03323) to "buy"

[ET Net News Agency, 5 October 2018] HSBC Global Research lowered its target price for
CNBM (03323) at HK$9, but upgraded its rating to "buy" from"hold".
The research house said CNBM shares have corrected 19% in the last three months as a
result of the disappointing 1H results. Trading at a forward PB of 0.6x versus ROE of 14%,
the shares are attractively valued, HSBC noted.
CNBM's merger with Sinoma was completed in May this year. HSBC believes CNBM could cut
costs by lowering its: (1) leverage; (2) inventory; (3) receivables; and (4) number of
personnel. There will also be synergies in cement, coming from higher market concentration
and joint procurement of raw materials and power. It expects preliminary cost improvement
from synergies to start in 2019. (KL)

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