Macquarie Research lifted slightly its target price for China Resources Cement (CRC)(01313) to HK$7.2 from HK$6.5, and maintained its "outperform" rating.
The research house raised CRC's ASP by 7/8% in 2014/15 and unit cost by 2/3%, and expects GP/t of HK$111/117. It raised 2014/15E EPS by 15/10%.
Macquarie hosted an NDR with the CRC's CFO on 10 April. It said the company is positive on supply/demand in South China. The house likes CRC due to its 64% exposure to Guangdong/Guandxi with a strong price outlook (+9% year-to-date).
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