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Update: Kingfisher's Fiscal Q3 Sales to Meet Analysts' Expectations, Morgan Stanley Says
Morgan Stanley maintains a "shareholding" rating on Conch Cement with the target price raised to HKD 24.5.
Morgan Stanley released a research report stating that it has a 'shareholding' rating on Conch Cement (00914), and based on management's downward guidance for capital expenditures, the bank will also adjust the AH premium calculated based on market price to 35%, leading to an increase in the H share's target price from HK$21.9 to HK$24.5. In response to Conch Cement's year-on-year decline of 10% in clinker and cement shipments since the fourth quarter of this year, the bank has also downwardly revised its full-year shipment forecast. The forecast for 2025 to 2026 is expected to slightly decrease due to benchmark changes, thus Morgan Stanley has already reduced its earnings forecasts per share for Conch Cement in 2024 to 2026 by 7.7% and 6.4% respectively.
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