Anhui Conch’s Preliminary 2017 Results Within Expectation; Shares Overvalued
We raise narrow-moat Anhui Conch Cement’s, or ACC’s, fair value estimate to HKD 33 per share (CNY 27 per share) from HKD 31 (CNY 26.50) to take into account the strengthening Chinese yuan and time value of money. ACC guided that 2017 net profit will increase by 70%-90%, mainly attributable to higher average selling price on the back of supplyside reform of the cement industry. Our earnings forecast is at the low end of the guidance and we will issue an update pending more detailed information fr...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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