China Resources Cement sales seen hitting 70Mt in 2013

China Resources Cement sales seen hitting 70Mt in 2013
27 November 2012


China Resources Cement (CR Cement) expects cement sales in 2013 to increase to 70Mt, representing a YoY rise of 5Mt. Production capacity, meanwhile, is likely to rise to 72.7Mt in 2013. The company is set to launch a 5000tpd line in Guangdong Luoding in 4Q12. As such, total clinker capacity will reach 50Mta by end 2012.

Citigroup has recently lifted its target price for CRC to HK$3.3 from HK$3, and maintained its "sell" rating. CR Cement had raised cement average selling price (ASP) from HK$285-290/t in 3Q to HK$320-330/t in October.  The house factored in lower coal cost and higher GP margin, and raised 2012 & 2013 net profit to HK$1753m and HK$1,803m. (KL)

Published under Cement News