[ET Net News Agency, 13 May 2020] Morgan Stanley raised its target price for Anhui
Conch Cement (00914) to HK$70 from HK$67.1 and maintained its "overweight" rating.
The research house believes the valuation recovery of the China cement industry since
2019 will continue in 2H 2020 given (1) stronger margins and earnings outlook in 2H, (2)
companies' FCF (free cash flow) should improve starting from 2Q, underpinning sustainable
high dividend payouts and thus yields, and (3) balance sheets continue to strengthen.
Morgan thinks sentiment towards Conch will improve further once the tight clinker
supply/demand triggered by longer-than-expected maintenance in 3Q starts playing out. It
raised its 2020 full-year sales volume to reflect strong shipments since 2Q. But Morgan
cut overseas sales volume due to the Covid-19 impact. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00914 CONCH CEMENT
Nominal 
17.220 -0.040 (-0.232%) Research Report
13/05/2020 17:44
{I-bank focus}Morgan raises Conch Cement (00914) to HK$70
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |