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Q3 2015 results review: Moving to Neutral on weak Q3 results
​Moving to Neutral on weak Q3 results 32% cut to our PT; moving to Neutral from Outperform Ashaka Cement's (Ashaka) Q3 2015 PBT came in 88% behind our forecast. We have cut our EPS forecast by 39% over the 2015-17E period to reflect the subdued pricing environment for cement. Although Ashaka's advantage of being the sole cement producer in north-eastern Nigeria implies that it is less prone to price volatility, we have reduced our price assumption by 7% to N30,916 (US$156) per tonne. Our new p...
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