Conch Cement (00914) rose by over 4%, as of press time, rose by 4.02%, to HKD 20.45, with a turnover of HKD 0.134 billion.
According to the Wise News app, Conch Cement (00914) rose by over 4%, rising by 4.02% as of press time, to HKD 20.45, with a turnover of HKD 0.134 billion.
In terms of news, Conch Cement disclosed the action plan for the 'Quality Improvement and Efficiency Increase, Return to Investors' in 2024. Specific measures include focusing on strengthening the main business and improving operational quality; adhering to innovation-driven, advancing green and intelligent development; attaching importance to shareholder returns and sharing development dividends. Citic Securities believes that the cement industry generally uses cash-on-delivery for cement sales, and each enterprise has sufficient cash flow, all of which have the basis for increasing dividends. At the same time, with the tightening of energy-saving and carbon-reducing policies, the cement industry has opportunities for contraction on the supply side. In 2024, cement synergy is better than in previous years, and the industry ecology is gradually improving.
The bank pointed out that since its listing in 2002, Conch Cement has had an average dividend rate of 32% per year. The dividend rate for 2022-23 (including share repurchases) will be increased to over 50%, raising a total of RMB 13.762 billion on the capital market, with a cumulative cash dividend of RMB 78.972 billion, 5.74 times the amount raised on the capital market. The main reason why Conch Cement can increase its dividend rate is because the cement industry generally adopts a cash-on-delivery business model, and its cash flow situation is relatively good.