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Research Report

13/08/2019 15:21

{I-bank focus}UOBKH lowers CR Cement (01313) to HK$8.9

[ET Net News Agency, 13 August 2019] UOB Kay Hian lowered its target price for China
Resources Cement (CRC)(01313) to HK$8.9 from HK$9.27 and maintained its "buy" rating.
The research house said CRC's 1H net profit declined 6.5% but gross margin was sustained
at 38.9%, thanks to easing coal cost. The results are in line with UOBKH's expectations
and showed resilience amid the off-peak season and rainy weather.
UOBKH is positive on 2H outlook, heading into the peak demand season in southern China.
But it trimmed its net profit forecasts by 4% and 3% for 2019 and 2020 respectively to
factor in lower cement sales volumes and the VAT rate adjustment. (KL)

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