Anhui Conch Cement is the best global play for long-term industry consolidation in China.
Narrow-moat Anhui Conch Cement’s, or ACC’s, first-quarter 2017 net profit of CNY 2.2 billion, up 86% year over year, was broadly within our expectations. Although earnings were partly lifted by an investment gain of CNY 483 million on disposal of securities, we expect core earnings to catch up in the subsequent quarters, as the first quarter is seasonally weaker, while ongoing infrastructure spending will continue to support near-term cement demand. As a result, we retain our earnings forecasts ...
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