Cement News tagged under: China
China Tianrui Group considers bond sale24 July 2012, Published under Cement NewsChina Tianrui Group Cement Co is considering selling a three-year offshore yuan bond, known as a dim sum bond, a source disclosed to Dow Jones. The cement producer, which operates in the Henan and Liaoning provinces, has mandated BOC International as the global coordinator to arrange a series of bond investor meeting and conference calls, the source said. The company plans to use the proceeds to refinanced existing debt obligations and supplement working capital. Meanwhile, Moody’s Inv... |
BBMG Corp expects 1Q net profit drop, China23 July 2012, Published under Cement NewsBBMG Corp expects its net profit to fall 12.75 per cent in the first half of 2012 to CNY1.43bn (US$223.9m) due to declining cement prices amid weak demand. The company’s operating revenue was forecast to rise 14.84 per cent YoY to CNY15.02bn in the first six months, according to reports in China Business Knowledge. The Beijing-based cement producer earlier reported a net profit attributable to shareholders of CNY293m in the first quarter of 2012, 32.94 per cent less than the correspond... |
Xinjiang Tianshan Cement to issue CNY400m of bills20 July 2012, Published under Cement NewsXinjiang Tianshan Cement Co Ltd said it plans to issue CNY400m (US$62.7m) worth of unsecured short-term bills with a maturity of 365 days on July 24th. Shanghai Pudong Development Bank Co Ltd is the lead underwriter for the issuance. Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA and A-1 respectively. The company stated that CNY110m of the proceeds from the issuance will be used to replenish working capital and the remainder will be used to ... |
Daiwa cuts Shanshui Cement, China18 July 2012, Published under Cement NewsDaiwa Research has lowered its price target for China Shanshui Cement to HK$4.2 from HK$8.7 and downgraded its stock from ‘outperform’ to ‘buy.’ Shanshui has revised down its target by 15 per cent to 55Mt. With more cement coming from Hebei Province, Daiwa sees downside risks for prices and a likelihood of more and longer production cuts in Shandong and Liaoning. It noted that Shanshui has already prepared for 1-2 more cuts of 20-30 days each in Shandong and believes Shanshui will sacr... |
Deutsche Bank cuts Shanshui Cement forecast, China17 July 2012, Published under Cement NewsShanshui Cement has lowered its 2012 sales target for blended cement and clinker to 55Mt from 65Mt mainly due declining sales in Shandong, Deutsche Bank reported. The bank has cut its forecast for Shanshui’s average selling price in the second half of 2012 by five per cent. It has also cut Shanshui’s earnings forecast for 2012 and 2013 by 29 per cent and 17 per cent, respectively. (Source: AAStocks Financial News) |
Macquarie lowers TCC Int’l price target, Taiwan17 July 2012, Published under Cement NewsInvestment 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 earnin... |
Jidong Cement shares acquired, China13 July 2012, Published under Cement NewsJidong Development Group bought additional 698,300 shares in Jidong Cement on the secondary market, accounting for 0.05% of the total outstanding shares in the listed arm. The controlling shareholder plans to continue holding expansion in the next six months due to the current market situation. Essence Securities Co expects Jidong Cement to achieve a net profit of CNY324m and sales are expected to reach 34Mt. |
Jiangxi Wannianqing forecasts 80% net profit drop, China13 July 2012, Published under Cement NewsJiangxi Wannianqing Cement Co Ltd, a Jiangxi Province-based producer of cement and clinker, said it expects first-half 2012 net profit to plummet 80 per cent to CNY54-63m (US$8.5-9.9m) in the first half of 2012 due to slower domestic demand |
Daiwa sees positive developments for China from 2H13 July 2012, Published under Cement NewsAnalysts at brokerage Daiwa have said that while current cement demand in China does not look good and many local producers have issued profit warnings, macro data suggests that the country's overall economic conditions are holding up, and loosening measures by the central government are helping infrastructure and property investment to pick up gradually. "We see positive developments for the China cement market for 2H12, especially when the rainy weather ends." Daiwa suggests investor... |
Huaxin Cement expects H1 net profit to drop 50%, China12 July 2012, Published under Cement NewsHuaxin Cement Co Ltd, in which Holcim holds an approximate 42 per cent stake, has become the latest Chinese producer to issue a first-half profit warning. The Hubei Province-based cement manufacturer said on 9 July that its net profit is expected to fall by at least 50% YoY in the first half of 2012 due to a decline in cement prices. The company booked CNY542m in net profit in the same period of 2012. Last year, Huaxin Cement acquired three plants in the province of Hubei with a capacity... |