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Founder Securities: Policy guidance is gradually strengthening, expecting marginal improvement in the future building materials market.
Currently, the building materials industry index is performing well, with most individual stocks rising. It is expected that the building materials market will see marginal improvement in the future, and the industry sector will have a good performance. In the near term, it is necessary to continue to pay attention to the impact of short-term policies on the real estate, infrastructure, and new energy markets.
Hong Kong stock concept tracking|Real estate market transaction active, institutions highly concerned about cement supply side reform (with concept stocks)
The building materials sector as a whole is still in the slow recovery phase at the bottom, with valuations and positions also at low levels.
Anhui Conch Cement's Q3 Profit Slides 15%; Shares Rise 3%
Citi: Maintains 'shareholding' rating on Conch Cement, with a target price of HK$21.9.
Morgan Stanley released a research report stating that Conch Cement (00914) saw a 40% year-on-year decrease in net profit to 5.2 billion yuan in the first nine months, with third-quarter net profit at 1.87 billion yuan, slightly below the bank's expectations. The bank rates the company as "shareholding," with an H-share target price of 21.9 Hong Kong dollars. The bank estimates that the third quarter of 2023 will see a self-produced clinker and cement shipment volume of around 6.9 million tons, a 6.2% year-on-year decrease, and a 1.67% decrease compared to the previous quarter. This is a further decline compared to the 3.1% drop in the first half of this year, possibly due to industry production adjustments resulting from weak demand. The average selling price for the third quarter is expected to be around 2 yuan per ton.
Dah Sing: "Conch Cement" (00914) rated as "shareholding", target price of HK$21.9.
The report estimates that the average selling price of cement in the third quarter of this year is around 235 yuan per ton, flat on a quarterly basis, but a 5.3% year-on-year decrease, which roughly matches the market price changes in the eastern part of the mainland during the period.
Third Quarter Report 2024
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