Anhui Conch Cement’s First-Half Results Beat Expectations; Raising Fair Value Estimate to HKD 21
Anhui Conch Cement, or ACC, reported 2016 first-half net income of CNY 3.4 billion, down 28.8% year over year, primarily owing to much lower investment income. Nevertheless, this accounted for 65% of our full-year earnings estimate, beating our expectation on stronger-than-anticipated sales volume growth and gross margin. We are raising our fair value estimate for ACC to HKD 21 from HKD 17 on the back of the improved sales outlook, which led to an increase of 0.3%-27.9% in our 2016-20 earnings p...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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