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Research Report

28/10/2019 12:33

{I-bank focus}Huatai raises CR Cement (01313) to HK$8.4

[ET Net News Agency, 28 October 2019] Huatai Research raised its target price for China
Resources Cement (CRC)(01313) to HK$8.4 from HK$7.6 and maintained its "hold" rating.
The research house said CRC reported stronger-than-expected 3Q net profit of HK$2.03bn
(down 2%). Huatai raised its 2019/2020 earnings estimates by 29/15%, on higher volume and
GP per tonne assumptions.
It said the south China market has seen a strong come-back since September, with 2-3
rounds of hikes lifting the cement price by RMB50-60/t in total, ending six months of
price decline (March to August). Meanwhile, inventory is down from 70% in mid-August. (KL)

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