Anhui Conch’s First-Half 2018 Positive Profit Alert Beats Expectation; Increasing FVE to HKD 52
We increase narrow-moat Anhui Conch Cement’s, or ACC’s, fair value estimate to HKD 52 per share (CNY 45.50 per share) from HKD 45 (CNY 36) to take into account the firm’s strong earnings, partly offset by a depreciating Chinese yuan. ACC guided that first-half 2018 net profit will increase by 80%-100%, which accounts for 65%-77% of our previous full-year forecast. We raise our 2018-19 earnings estimates by 29%-34%, and we will issue an update pending more detailed information from the firm’s fin...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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