CICC Cuts Conch Cement Target Price by 14% to HK$23.8, Reaffirms Outperform Rating

Stock News08-28 16:38

CICC has released a research report stating that, given market pessimistic expectations are largely priced in and the company's earnings remain resilient, it maintains an "Outperform" rating on Conch Cement (00914). The firm has lowered its A-share target price by 17% to RMB 23.5 and reduced its H-share target price by 14% to HK$23.8, corresponding to forward P/E multiples of 18 times and 16.6 times for the next two years, respectively.

Due to weak cement prices and soft demand in the first half of 2026, CICC has cut its net profit attributable to shareholders forecasts for Conch Cement for 2026 and 2027 by 31.1% and 34.6%, to RMB 6.02 billion and RMB 6.32 billion, respectively.

CICC noted that in the first half of 2026, Conch Cement's revenue fell 10.6% year-on-year to RMB 36.93 billion, while net profit dropped 42.1% year-on-year to RMB 2.53 billion. In the second quarter of 2026, the company's revenue declined 10.7% year-on-year to approximately RMB 19.86 billion, with net profit down 58.6% year-on-year to RMB 1.06 billion.

The brokerage believes the company's results fell short of its expectations due to weak demand and downward pressure on cement prices.

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