Anhui Conch’s 1H Results Underpinned by Higher Selling Prices and Effective Cost Control; FVE Intact
Narrow-moat-rated Anhui Conch Cement’s first-half 2018 net profit of CNY 13.0 billion, up 92% year over year, was in line with the positive profit alert announced in July. After updating our valuation model, we retain our fair value estimate of HKD 52.00 (CNY 45.50), with higher near-term earnings offset by the depreciation of the Chinese yuan against our Hong Kong dollar fair value estimate. We believe Anhui Conch will continue to benefit from the government’s supply side reform and we think sh...
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