Anhui Conch tgt UP

Anhui Conch Cement +3.8%; DBS Ups Target To HK$83

DBS Vickers ups Anhui Conch Cement's (0914.HK) target to HK$83 from HK$69,

based on 25X P/E for 2008, to reflect company's great potential in growing market share, sustaining profitability in future.

Says "Conch's growth momentum will continue to come from its cement capacity expansion and energy savings resulting from its power-recycling business."

Keeps stock at Hold call, which now +3.8% at HK$78.80.

914 ANHUI CONCH 67.7 8.85 15.04 353,371 5,698

Anhui Conch (00914) The share price reached record high of $88.40 in October. Since then, the share price fell to $53.50. Now the rebound is continuing. We expect the share price to rise back up to $70.00 Buy $61.50 Target $70.00 , Cut loss $58.00

914 ANHUI CONCH 56 8.2 17.15 288,937 5,246

CS Cuts Anhui Conch Target To HK$105; Outperform

Credit Suisse cuts Anhui Conch Cement (0914.HK) target price to HK$105 from HK$110 on risks over cement price and volume growth.

Says FY08 capex is 20% higher than 2007, implying 20-30 million ton clinker expansion in 2009, vs prior estimates of 10 million tons; adds rising coal price remains a key concern. Adds cost hike from energy to be more than offset by cement price improvement and Conch's internal cost saving. Tips a bearish scenario where ASP grows 5%;

Conch to make EPS of CNY1.9/share for 2008, CNY2.5/share for 2009, and be valued at HK$40/share (8x EV/EBITDA) or HK$55/share (11x EV/EBITDA). Keeps stock at Outperform; last off 3.6% at HK$51.50.

- sehr gute QZ

- potentielle Kapzitätsverdopplung in 3-5 Jahren

_heisst von 86.5 auf 173 mio to

_Investitionen von 46b Yuan zur Kapazitätserweiterung !

_abhängig von der Ashare Einnahme von 12bio Yuan

JPM Ups Anhui Conch A-shares To Overweight

JP Morgan upgrades Anhui Conch Cement (600585.SH) A-shares to Overweight from Neutral after raising earning estimate to reflect positive view on cement pricing trend, company's ability to expand margins even in challenging coal cost environment. Adds strong earnings, ROE growth is ultimate driver to stock re-rating. Tips company will expand margins based on increasing ASP, cost savings from waste-heat power generation projects, contrary to market's expectation of margin pressure from rising coal, energy costs. Maintains H-share (0914.HK) at Overweight. Keeps A-shares target price at CNY80, while H-shares at HK$80. H-shares last +6.3% at HK$67.

914 ANHUI CONCH 47.4 4.3 9.98 506,247 10,981

pos Moment
Bautätigkeit wird pos ges
sent pos

Anhui Conch Cement +9%; DM Rates Buy

Anhui Conch Down 7%

CS Keeps Outperform

down 7.0% at HK$21.40, low of HK$20.70 marks 52-week low, as earnings growth slows markedly in 3Q.

ICEA says under pessimistic case by assuming Conch's revenue to maintain growth rate of about 10% in 4Q08, 2009, 11% net profit margin

reflects valuation of 14X FY09 P/E, which "still relatively high amid the weak market sentiment," thus expects downward pressure on share price.

target price to HK$35 vs HK$60,

Outperform call due to already trough valuations.

das "Motivations" program der C Regierung zielt htsächlich auf die Unterstützung (Bauinvestment) des Mittelstandes/tiefere Ekgruppen=

heute Anhui Conch +5,5h$ = 20,3% =32,5h$

- grosse Cementnachfrage für 09

-Cred Suisse hebt Ziel auf 48h$ (EBITDA von 7,6 auf 8,7us$/t)

-hi quality chinese large cap

00914.HK ANHUI CONCH 45.400 +3.450 +8.224% 2.53M 19.67B 25.20