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Event-Driven

<ul><li class="p1">Our fair value estimate is HKD 17 per share, which implies a forward fiscal-year price/earnings of about 15 times, and an enterprise value/EBITDA of roughly 7 times.</li><li class="p1">After about two years of cement pricing declines, a new round of infrastructure spending in highway and railway in western regions, pipeline networks, and sewage treatment has helped awaken cement demand.</li><li class="p1">In the near term, we expect declining energy intensity of China’s GDP growth and excess coal supply to weigh on thermal coal prices. Lower investment in cement supply is also likely to help buoy cement prices.</li></ul><p><em>Analysts: Iris Tan &amp; Chokwai Lee</em></p>

Our fair value estimate is HKD 17 per share, which implies a forward fiscal-year price/earnings of about 15 times, and an enterprise value/EBITDA of roughly 7 times.After about two years of cement pricing declines, a new round of infrastructure spending in highway and railway in western regions, pipeline networks, and sewage treatment has helped awaken cement demand.In the near term, we expect declining energy intensity of China’s GDP growth and excess coal supply to weigh on thermal coal prices. Lower investment in cement supply is also likely to help buoy cement prices.Analysts: Iris Tan &amp; Chokwai Lee

Anhui Conch Cement's 1Q Results In Line; Lower Product Prices Weigh on Margin