Anhui Conch’s 2018 Earnings Aided by Robust Selling Price and Sales Volume; Dividend Disappointed
Narrow-moat Anhui Conch Cement guided that 2018 net profit will increase by 80%-100% under PRC accounting standards. Our 2018 earnings forecast is at the lower end of the guidance. We retain our fair value estimate of HKD 52 per share (CNY 45.50 per share) and we think shares are undervalued at the current price level. While there are concerns on the slowing economic growth in China, we believe Anhui will continue to benefit from the government’s supply side reform and we have seen the governmen...
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