Anhui Conch Cement’s 1Q Results Beat Expectations on the Back of Higher Selling Prices
Narrow-moat Anhui Conch Cement’s, or ACC’s, first-quarter 2018 net profit of CNY 4.78 billion, up 122% year over year, exceeded our expectations. Despite a seasonally weak quarter, first-quarter earnings accounted for 27.6% of our original forecast. The stronger results were mainly due to higher selling prices for its products. We raise our 2018-20 earnings forecasts by 7%-8%. As a result, our fair value estimate increases to HKD 45.00 (CNY 36.00) from HKD 41.50 (CNY 33.50). However, we believe ...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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