[ET Net News Agency, 31 July 2020] Nomura raised its target price for China National
Building Material (03323) to HK$14.4 from HK$11.5 and maintained its "buy" rating.
The research house further cut CNBM's cement shipment growth from -4% to -5% for 2020,
but Nomura raised its 2020 earnings forecasts by 2% as it lowered coal cost assumption by
10% since the reference coal price year-to-date is 12% lower than the same period last
year. In addition, Nomura cut finance costs since management aims to save additional
CNY1.0bn interest expenses by converting long-term debts into short-term debts.
It believes that the cement asset restructuring announced last Friday could bring
additional earnings upsides in the next few years and serve as a re-rating catalyst. (KL)
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03323 CNBM
Nominal 
2.980 -0.050 (-1.650%) Others
31/07/2020 14:11
{I-bank focus}Nomura raises CNBM (03323) to HK$14.4; "buy"
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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