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Research Report

13/08/2019 17:01

{I-bank focus}HSBC cuts CR Cement (01313) to HK$9.2; "buy"

[ET Net News Agency, 13 August 2019] HSBC Global Research lowered its target price for
China Resources Cement (CRC)(01313) to HK$9.2 from HK$10 and maintained its "buy" rating.
The research house said CRC's clinker and cement sales volume was 22mt in 2Q, down 1.3%,
beating HSBC's expectation while GP/t of HK$157/t was in-line. Earnings from joint
ventures were lower than expected. Net earnings of RMB2.3bn were in line with forecast.
Management believes that the weak demand year-to-date is a result of the rainy weather.
They expect construction activity in Southern China to play catch-up in 4Q when the rainy
season subsides, and management expects some price hike in 4Q.
HSBC cut its earnings estimates by 3%/7%/7% for 2019/20/21 after incorporating 2Q actual
results, marking to market the latest cement prices and applying HSBC FX team's latest
USD-RMB forecast of 7.2/7.3 by end-2019/20. (KL)

Remark: Real time quote last updated: 24/01/2020 17:59
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