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00914 CONCH CEMENT
RTNominal down58.300 -0.250 (-0.427%)
Research Report

09/01/2020 16:24

{I-bank focus}Nomura raises Conch Cement (00914) to HK$62.4

[ET Net News Agency, 9 January 2020] Nomura raised its target price for Anhui Conch
Cement (00914) to HK$62.4 from HK$53 on higher cashflow projections and lower WACC
(weighted average cost of capital) but downgraded its rating to "neutral" from "buy" as
the stock rose has risen by 26% over the past three months.
The research house kept its 2019 numbers unchanged but raised 2020 earnings by 1% as it
factored in higher cement shipment growth for 2020.
Nomura believes that, although Beijing's room for policy easing is much smaller compared
to earlier, it cannot afford to stop easing. The research house expects some easing in the
property sector in the coming quarters.
Therefore, it slightly raised its cement demand growth forecast from 3% to 5% for 2020,
after a 6% growth in 2019. Nomura expects Conch to record 7% shipment growth in 2020 on
the back of market share gains. (KL)

Remark: Real time quote last updated: 28/02/2020 09:45
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