CHINARES CEMENT (01313) retained Neutral, TP cut to $3.4 by CS
CHINARES CEMENT (01313)'s net profit for the first half of 2012 amounted to $635 million, representing earnings per share of 9.7 cents. down 69% yearly. It came 48% below Credit Suisse's projection.
CHINARES CEMENT's cement production grew 26% yearly to 27 million tons, far missing market projection. Unit gross profit was $64 per ton, halved from a year ago and coming $7 below Credit Suisse's estimate. Administration costs soared 65% yearly on expansion and restart of new production lines.
Credit Suisse lowered CHINARES CEMENT earnings forecast for 2012 and 2013 by 54% and 68% respectively. CHINARES CEMENT was kept a Neutral rating with target price lowered from $4.8 to $3.4. (y)
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