Anhui Conch Cement’s Third-Quarter Results Beat Expectation, Raising Fair Value Estimate to HKD 23
Narrow moat-rated Anhui Conch Cement, or ACC’s cumulative nine-month profit of around CNY 6 billion, down 2.2% year over year, beat our expectations. The results were driven by the rising cement prices and effective cost control, which saw ACC’s gross margin surge to 31.4% from 25.9% a year ago. We lifted our 2016-18 earnings estimates by 3% to 26%, taking into account the margin improvement. As a result, our fair value estimate is slightly increased to HKD 23 from HKD 21. We think the stock is ...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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