Anhui Conch Cement Reports in Line 2016 Results on Better Cost Control; FVE Unchanged at HKD 23
Narrow-moat Anhui Conch Cement’s, or ACC’s, 2016 net profit of CNY 8.6 billion, up 14% year-over-year, was within our expectation. We increase our 2017 earnings forecast by 4%, taking into account the stronger cement prices in the first quarter but this is partly mitigated by slower volume growth. We believe the firm will remain as the cost leader in the industry but we are expecting lackluster earnings growth in the long run given that China’s cement consumption will fall eventually as the econ...
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