Cement News tagged under: China Resources Cement
Macquarie more positive on China cement sector07 March 2013, Published under Cement NewsResearch house Macquarie is turning more positive on the cement sector and expects to see more signs of downstream demand recovery in mid-2013 following a recent market visit. Macquarie has lifted its target price for Anhui Conch to HK$30 from HK$17.5, and upgraded the stock to "neutral" from "underperform". It has increased its 2013-14 earnings forecast by 8-11 per cent to factor in stronger consolidation-driven volume growth in the coming 2-3 years. Macquarie is It has also lifted i... |
China Resources in loan agreement06 March 2013, Published under Cement NewsChina Resources Cement has entered into an agreement relating to a HK$200m (US$25.8m) three-year term loan facility with a bank. Under the agreement, it shall be an event of default if China Resources (Holdings) Company Limited ceases to hold at least 51 per cent of the issued share capital of China ResourcesCement. CRH currently owns around 73.34 per cent interest in China Resources. |
China Resources Cement profit down by 44.4%05 March 2013, Published under Cement NewsChina Resources Cement (CRC) reported a 44.4 per cent loss in net profit attributable to shareholders last year to HK$2.32bn (US$299m). In 2012, the firm's turnover rose 9.1 per cent from a year earlier to HK$25.35bn. The sales volume of cement and clinker surged by 26.5 per cent and 36 per cent, respectively. The average cement price, however, decreased 12.23 per cent to CNY324.3/t while clinker prices were down clinker 16.1 per cent to HK$257.1/t. Looking ahead, Barclays says CR Cement'... |
China Resources in proposed joint-venture agreement, China26 February 2013, Published under Cement NewsChina Resources Cement has entered into a two-year framework agreement with Zhihai Group Co Ltd to establish a joint venture. The new venture intends to acquire clinker production lines with a capacity of around 1.55Mta, cement grinding lines with amounting to around 4.3Mta and concrete batching plants with a total capacity of about 5.8Mm3. China Resources will hold the majority interest of the joint venture. It is expected that the acquisition of the assets/business will be completed ... |
Nomura cuts China Resources Cement to "reduce"22 January 2013, Published under Cement NewsInvestment bank Nomura has downgraded China Resources Cement (CRC) from "buy" to "reduce" and cut its target price to HK$4 from HK$8.30. The research house sees a further downside to average selling prices (ASP) in CRC's key areas including Guangdong, Shanxi and Yunnan provinces. It also noted excessive new adds in capacity in Guangdong and Shanxi provinces for 2013. Nomura expects South China's ASP to drop at least CNY30/t (US$4.8) in 2013 from current levels to reach the equilibrium of s... |
UBS lifts China Resources Cement14 January 2013, Published under Cement NewsUBS lifted its target price for China Resources Cement (01313) to HK$5.5 from HK$5.05, but downgraded the stock to "neutral" from "buy". It said CR Cement's share price has risen 51 per cent since its September 2012 low due to an increase in cement prices in its main markets of Guangdong and Guangxi. UBS believes the strong performance has factored in a potential improvement in margin. UBS notes that clinker prices have corrected sharply since December 2012. Although inventory is still fal... |
China Resources Cement in grinding acquisition, China04 January 2013, Published under Cement NewsChina Resources Cement (CRC) has agreed to acquire a 100 per cent equity interest in Hainan Wuzhishan Dajiangnan Cement Ltd. Hainan Wuzhishan Dajiangnan Cement operates a 0.6Mta grinding plant in Maoyang Town, Wuzhishan City, Hainan Province. CRC said it believes the acquisition will expand the strategic locations of its business and increase its presence in the Hainan market in south China. |
China Resources Cement to sign coal agreement14 December 2012, Published under Cement NewsChina Resources Power said it agreed to supply coal to China Resources Cement with a term of three years from 1 January 2013 to 31 December 2015. According to local press, the unit price of coal will be negotiated on an "arm's length" basis between the parties with regards to the prevailing market prices of coal and the quantity of coal will be decided according to the demand of CR Cement Group. |
China Resources Cement secures HK$1bn credit facility05 December 2012, Published under Cement NewsChina Resources Cement Holdings Ltd, the largest cement producer in South China, said that it has secured a three-year credit facility worth up to HK$1bn from a bank. |
China Resources Cement sales seen hitting 70Mt in 201327 November 2012, Published under Cement NewsChina 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) ... |