<ET Net News Agency, 4 May 2011> Daiwa Research raised its target price for China
National Building Material (CNBM, 03323) to HK$25.2 from HK$20.75, and retained its "buy"
rating.
The research house said power rationing in a strong season means more upside potential
for cement prices. It thus revised up our 2011-13 earnings forecasts by 20-26% to factor
in stronger cement prices.
Daiwa expects the power rationing to reduce the utilisation rates of the cement plants.
As the second quarter of the year is a high season for cement demand, the house suggests a
reduction in cement supply will drive up cement prices.
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