DBS: Anhui Conch Cement – H: Hold target Price HK$32.00; A: Hold Target Price Rmb32.00

Post interim results update

• Cement sales volume pick-up remains slow 

• 3Q unit GP still under pressure 

• Cut FY22F/FY23F earnings by 19%/15% on lower GP assumptions 

• Maintain HOLD; H-share TP target lowered to 0.7x (prior 0.8x)