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DBS: China Resources Cement – Sell Target Price HK$4.20

Posted on August 16, 2022August 16, 2022 By alanyeo No Comments on DBS: China Resources Cement – Sell Target Price HK$4.20
Risk of sales target to be cut

• 1H22 net earnings plunged 50% y-o-y on rising input costs

• 2Q sales drop was expected; GP contracted to 2016’s level • Cut earnings by 13%-29% on lower GP assumptions

• Maintain SELL and new TP of HK$4.2 based on low end of the historical range P/B multiple of 0.5x 

China-Resources-Cement_16-Aug-2022_HK_CU-ResultsClick here to Download Full Report in PDF

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Research - Equities Tags:China Resources Cement, CR Cement

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  • My Opinions/ Views
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