Anhui Conch’s 1H Results Aided by Disposal Gains and Higher Selling Prices; Shares Fairly Valued
Narrow-moat Anhui Conch Cement’s first-half 2017 net profit of CNY 6.7 billion, up 101% year over year, was above our expectation even after stripping out disposal gains of CNY 1.9 billion. Although sales volume was slightly behind our forecast, the firm’s average selling price was stronger than expected due to improving demand and supply-side reform by the government. We increase our 2017-18 earnings forecast by 13%-24% and our fair value estimate is lifted to HKD 28 (CNY 24) from HKD 24.50 (CN...
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