[ET Net News Agency, 23 October 2019] Citi Research raised its target price for Anhui
Conch Cement (00914) to HK$58 from HK$57 and maintained its "buy" rating.
The research house said Conch's 3Q net income (PRC GAAP) of Rmb8,556mn (up 10% YoY and
down 6.8% QoQ) was 11% above Citi's forecast. The beat was mainly due to very strong sales
volume in the quarter despite slightly lower ASP and lower than expected unit cost.
Citi revised up its earnings forecast by 4-6% to factor in higher sales volume and lower
unit costs. (KL)