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00914 CONCH CEMENT
RTNominal unchange16.280 0.000 (0.000%)
Research Report

27/02/2020 10:25

{I-bank focus}Morgan lifts Conch Venture (00586) to HK$43.87

[ET Net News Agency, 27 February 2020] Morgan Stanley lifted its target price for China
Conch Venture (00586) to HK$43.87 from HK$32.21 and maintained its "overweight" rating.
The research house said Conch Venture newly commissioned 1.075m tons of co-processing
capacity in 2019, and Goldman expects it to add another 1.17mt in 2020, and 1.52mt in
2021, of which hazardous waste (HW) licensed capacity is 433kt, 570kt, and 600kt,
respectively.
Besides Conch Venture's own project pipelines utilizing Anhui Cement's (00914) kiln, the
JV with CNBM (03323) will facilitate the acceleration of new project additions. The
company succeeded in transporting HW from Jiangsu and Guangdong to Guizhou, Guangxi, and
Yunnan, where plant utilization rates were low due to a lack of local HW supply, in 4Q
2019.
The HW market in Jiangsu, Zhejiang, Guangdong, Shandong and Chongqing generates higher
plant utilization and treatment fees thanks to better market dynamics. Morgan edged up its
2019-21 earnings forecasts by 2-4%. (KL)

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