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00914 CONCH CEMENT
RTNominal up17.340 +0.020 (+0.115%)
Research Report

23/03/2020 17:34

{I-bank focus}Nomura lowers Conch Cement (00914) to HK$61.2

[ET Net News Agency, 23 March 2020] Nomura lowered its target price for Anhui Conch
Cement (00914) to HK$61.2 from HK$62 but upgraded its rating to "buy" from "neutral" as it
sees the current share price as attractive.
The research house said Conch's 2019 results were roughly in-line. The cash dividend
implies a 32% dividend payout, lower than Nomura's estimate of 35%.
The company guided that the cement and clinker shipment for 2020 will be down 1.5% to
318mn tonnes, suggesting a stable outlook despite the COVID-19 impact. Nomura recommended
that investors accumulate Conch ahead of the 2Q high season. (KL)

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