Anhui Conch Cement is the best global play for long-term industry consolidation in China.
Narrow-moat Anhui Conch Cement’s 2017 net profit of CNY 15.9 billion was up 85% year over year. The results were at the high end of its guidance and beat our expectations, largely aided by stronger-than-expected sales volume and average selling price, which benefited from the supply-side reform by the government and industry practice of off-peak season production. We increase our fair value estimate to HKD 41.50 (CNY 33.50) from HKD 33.00 (CNY 27.00) to take into account the solid results and ou...Anhui Conch Cement Company Limited is a China-based company principally engaged in the production and sales of cement and cement products. The Company's cement varieties mainly include 42.5 grade cement, 32.5 grade cement and 52.5 grade cement. The Company's products are widely used in national infrastructure construction, including large engineering projects such as railways, highways, airports and water conservancy projects, as well as urban real estate, cement products and rural markets. In addition, The Company is also engaged in production and sales of clinker, aggregate and gravel as well as commercial concrete. The Company distributes its products within the domestic market and to overseas markets.
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