Investment bank Macquarie has lowered its target price for Taiwan Cement Company (TCC) International to HK$2.4 from HK$4.2, and maintained its "outperform" rating.

The house cut its earnings forecasts by 43 and 37 per cent for 2012/13 to reflect lower sales volume and lower-than-expected cement prices.

TCC issued profit warning on 4 July, indicating that profits would decline more than 50 per cent YoY. Macquarie said this is not a surprise, as it has been expecting a 72 per cent YoY earnings decline in 1H. (Source: ET Net News).

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