Steppe Cement initiated with "buy"

Steppe Cement initiated with "buy"
Published: 20 April 2006

Analysts at Alfa Bank in New York have initiated coverage of Steppe Cement, Kazakhstan with a "buy" rating. The 12-month target price is set to US$6. In a research note Alfa Bank analysts mention that the company is benefiting from robust domestic demand and is expected to triple its production by 2008. The analysts expect domestic cement prices to continue to increase over the next couple of years. The company is also expected to achieve 30 per cent revenue growth this year due to accelerating volume growth and robust pricing environment, Alfa Bank adds.