Cement News tagged under: China

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China to tighten restrictions on capacity expansion

30 March 2012, Published under Cement News

China is to tighten restrictions on increases in new capacity in 2012 to manage surplus capacity, according to Liu Ming, an official of the National Development Reform Commission. Speaking on a cement industrial meeting, Liu said the main task at present is still to rein in the fast increase of cement production capacity since China would face overcapacity at national level during the period of 2011-2015. Liu said the government will encourage mergers and acquisitions in the sector and...

Credit Suisse lowers BBMG Corp target price

30 March 2012, Published under Cement News

Credit Suisse lowered its target price for BBMG Corporation to HK$9.6 from HK$11.9, and maintained its "outperform" rating. The research house said the China-based producer reported weaker FY2011 results and CS has therefore  revised down its earnings by 23% for 2012 to reflect the persistent pressure on cement margin. But it added that valuation remains undemanding at this point. Credit Suisse expects a moderate improvement in 2012 from the low base in 2H11.

China United Cement to issue bills

30 March 2012, Published under Cement News

China United Cement Group Co, a unit of China National Building Material Co, plans to issue CNY1bn worth of 365-day unsecured bills on the interbank market today. Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on 31 March  and the to-be-issued bills tradable on April 1.?? Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively. Agricultural Bank of Chi...

Fujian Cement reports marked rise in net profit, China

28 March 2012, Published under Cement News

Fujian Cement recorded CNY124m (US$19.66m) in net profit last year, up a staggering 1434 per cent YoY, China Business Newswire citing the company’s annual report released in March 2012. Operating revenue rose 38.3 per cent to CNY1.88bn with basic earnings per share of CNY0.33. The company, which is headquartered in the Fujian province of China, plans to distribute a cash dividend of CNY0.5 (before tax) for every 10 shares held.

Anhui Conch net profit up 87.8%, China

27 March 2012, Published under Cement News

Anhui Conch announced an 87.8% rise in net profit YoY to CNY11.59bn (US$1.8bn) on the back of higher prices and sales. This figure was in line with the company’s guidance released in January when it said it expected net profit to rise more than 80 per cent. Revenue in 2011 was up 41% to CNY48.65bn from CNY34.51bn. During the year, the company sold 158Mt of cement and clinker in 2011, up 15.22 per cent YoY. It also added 33.6Mt of clinker capacity in 2011, taking total volumes to 164Mt by...

TCC International reports 38% rise in revenues

26 March 2012, Published under Cement News

TCC International Holdings Limited together with its subsidiaries reported a 38.6 per cent rise in revenues on the back of exceptionally strong demand during the low season in the first half of 2011 and increase in product average selling price. For 2012, it plans to consolidate its position further through organic and vertical integration. Revenue increased from HK$8.1bn (US$1bn) in 2010 to HK$11.26bn in 2011 while net profit reached HK$2.88bn from HK$1.53bn the year before. The group...

China Shanshui revenues rise 42%, China

26 March 2012, Published under Cement News

China Shanshui Cement Group which operates mainly in the Shandong and Liaoning Provinces in China, said sales growth of 42.2% to CNY16,862m for the 12 months ended 31 December 2011. Gross profit surged by 99.2% to CNY5079m and profit attributable to equity shareholders of the Company soared 127.3% to CNY2225m. Basic earnings per share reached CNY0.79, up 125.7% compared with last year. Commenting on the peformance, Zhang Bin, Vice Chairman and General Manager of Shanshui Cement, said: ...

China: ready for a new era?

23 March 2012, Published under Cement News

The 13th China International Cement Industry Exhibition and Cement Conference 2012, which takes place between 28-30 March, is an opportunity for a full gathering of Chinese government officials and industry experts to discuss the state of the country’s cement sector. ICR will be in attendance and is keen to hear what might be expected in the next phase of China’s development. Although construction continues to grow, cement producers are expected to see competition for markets intensif...

Morgan Stanley bearish on China Building Materials Sector

22 March 2012, Published under Cement News

Morgan Stanley believes second quarter pricing for China’s building materials will still be lower than the first quarter as it expects 2Q demand seasonal recovery to be weaker than normal years due to the slowing construction pace of property developers. “We hold the view that developers will not reaccelerate construction activities until they have cleared their four-year high property inventories,” In addition, the supply side is facing pressure as well, especially from new capacity addi...

Asia Cement 2011 net profit rises, China

22 March 2012, Published under Cement News

Asia Cement (China) Holding Corp said its net profit rose by 162 per cent YoY in 2011 to CNY1.34bn (US$212.6m). Meanwhile, basic earnings per share stood at CNY0.86. Citigroup has upped Asia cement to Buy from Sell and raised its target price to HK5.36 vs HK$2.71. The house expects earnings should bottom with selling prices in central China down 10 per cent YoY and volumes almost frozen. The house adds that Asia Cement's FY11 dividend yield was 5%, providing good cash income, and the c...