reports
- Ziv Ang Sze Champ
Anhui Conch Cement (914 HK): 1Q23: In Line; Outperforms The Industry W...
Anhui Conch Cement reported 1Q23 earnings of Rmb2,550.6m (-48.2% yoy), in line with our expectation and outperforming the industry. Sales volume for self-produced cement and clinkers grew by 4.6% yoy while ASP was down 15.9% yoy. 1Q23 gross margin expanded sequentially by 2.4ppt qoq to 15.7% but was still 17.2ppt lower yoy. Cement demand from infrastructure projects is expected to gradually materialise in the following months. Maintain BUY. Target price: HK$33.80.
- Ziv Ang Sze Champ
Anhui Conch (914 HK): 2022: In line with profit warning; market share ...
Anhui Conch reported 2022 earnings of Rmb15,860.6m (-52.4% yoy), in line with the profit warning issued earlier. Gross profit for self-produced clinker and cement was down 15.4ppt to 28.2%, mainly due to the 11% decline in ASP and 13.3% increase in unit production costs. Although sales volume fell 6.9% yoy, domestic market share expanded by 0.5ppt to 13% in 2022. Management has guided for 2023 cement and clinker sales volume of 307m, up 8.5% yoy. Maintain BUY. Target price: HK$33.80.
- Julia Pan Mengyao
Tencent Holdings (700 HK): 4Q22: Ample monetisation opportunities from...
Tencent’s 4Q22 results are largely in line with our expectations. Revenue was flattish yoy at Rmb145b, in line with our and consensus estimates. Gross margin expanded 2.6ppt yoy, reported at 42.6%, in line with consensus expectation. Non-GAAP operating profit was Rmb39.4b, growing 19% yoy, and non-GAAP OPM came in at 27.2%, better than our estimate. Non-IFRS net profit increased by 19.4% yoy to Rmb29.7b, 2.2% and 3.7% below our and consensus estimates respectively, given optimised resource alloc...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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