<ET Net News Agency, 6 September 2011> Credit Suisse lowered its target price for
CNBM (03323) to HK$9 from HK$23.3, and downgraded the stock to "underperform" from
"outperform".
It revised down CNBM earnings by 8% for 2011 and 36% for 2012 to reflect the weakening
industry supply/demand outlook and downside risk to margins in 2012.
With more exposure to higher-margin regions and earnings sensitivity, CNBM sees more
downside risk on the stock versus peers, Credit Suisse noted.
The research house thinks the multiple de-rating is partly in place, and earnings risk
remains on the downside. Potential lesser 4Q price hike could serve as the first
catalyst.
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