Cement News tagged under: corporate
Millenium IB restarts coverage on Cimpor06 July 2010, Published under Cement NewsThe average price target and the potential recovery of Cimpor has changed after Millennium IB has restarted coverage and Santander changed its assessment. The company now has a "target" average of 5.55 euros, up 10 cents compared to the previous price target and a potential recovery of 18.72% over the closing price on Friday, EUR 4.675 . Millennium IB resumed coverage of Cimpor with a target price of 6.05 euros and a recommendation from "buy." Before suspending coverage of Cimpor (during t... |
HeidelbergCement shares down as US property sales fall06 July 2010, Published under Cement NewsShares in HeidelbergCement are down 2.3 per cent after U.S. property data shows that sales of new homes fell to the lowest level ever in May, overshadowing the outlook for Germany’s construction industry. The data is a disappointment for recovery hopes in the U.S. cement market," one trader says, adding that "at first glance, the impact on 2010 EBITDA should be low single-digit percentage." Traders also point towards an announcement by the German umbrella federation of the construction tra... |
BBMG sees profit of RMB2.68B for 201006 July 2010, Published under Cement NewsBMG Corporation has announced consolidated profit expectations of its group for the two years ending 31 December 2011 prepared by its board of directors under China Accounting Standards for Business Enterprises. The group’s profits attributable to owners of the company for 2010 and 2011 are forecast to be RMB2.682 billion and RMB3.494 billion respectively. Referring to its merger with Taiheng Cement, BBMG Corporation also announced that it will issue an aggregate of 410.405 million A shares... |
Holcim Liban net profit up, Lebanon05 July 2010, Published under Cement NewsHolcim Liban said its 2009 full-year net profit surged 50% to LBP44.03 (US$29.32m) from LBP29.44bn in the year-earlier period, Zawya news reported. The company said its full-year earnings per share jumped to LBP2256 from LBP1508 in 2008. The rise in profit was mainly due to an increase in sales revenue and a drop in distribution and selling expenses as well as administrative and financial costs. Sales rose 3.8% to LBP260.65bn from LBP251.09bn, according to the statement. |
UBS upgrades Grasim’s rating05 July 2010, Published under Cement NewsUBS has upgraded Grasim’s rating from `Neutral’ to `Buy’. It has also removed the short-term `Sell’ rating. This was on account of a significant underperformance since the fixing of the record date of the demerger of the cement business (May 14, 2010). Further, its current valuation at US$80/t (US$115-140/t for other larger companies) looks compelling. UBS has however not changed its earnings or valuation estimates. It has lowered the price target from the earlier Rs 2,875 per share to R... |
Producers unable to pay dividend, Pakistan05 July 2010, Published under Cement NewsAl-Abbas Cement and Maple Leaf Cement have said that the Companies Ordinance 1984 and creditors bar them from paying entitlements to shareholders unless debts are paid off and companies turn into profit. “No dividend shall be paid by a Company otherwise than out of profit of the Company,” said Al-Abbas Cement quoting Section 249 of the Companies Ordinance, 1984, in a reply Karachi Stock Exchange (KSE) show cause notice. The Company paid last dividend on June 30, 2004. “We assure you t... |
Alpstar Capital Buys Into Cementum04 July 2010, Published under Cement NewsAlpstar Capital, a European asset manager and investment advisor, is pleased to announce the purchase of a company in the cement sector in the Netherlands, as well as completion of a direct lending facility to an energy-related company in Spain. “We are delighted to have completed two private transactions that evidence our credit skills in identifying and participating in undervalued asset opportunities”, said Nicolas Bravard, Alpstar Managing Partner. The acquisition of MGP, or ‘Cementu... |
India cement industry sees pick-up in M&A activity04 July 2010, Published under Cement NewsAfter a lull of about one and half years, the Indian cement industry is once again seeing action on the mergers and acquisitions (M&A) front. Interestingly, despite an oversupply threatening the cement industry and fears of the worst yet to come, valuations have not dipped in the sector. Banking sources say, sellers are demanding an enterprise value (EV) per tonne of about US$200 -250, due to which many domestic players have backed out of potential deals. Foreign players eyeing the Indian ce... |
Lafarge (M) slides on earnings downgrade04 July 2010, Published under Cement NewsLafarge Malayan Cement Bhd, the country’s largest cement maker, shed 1.5 per cent to RM6.50, set for its lowest close since June 9. Lafarge SA said on July 2 it may sell as much as 11.2 per cent of its stake the Malaysian unit. Separately, AmResearch Sdn Bhd in a report today cut its earnings estimates for Lafarge Malayan’s 2010-2012 financial years by 6 per cent to 13 per cent. Source: Bloomberg |
Banca Leonardo lowers Cementir price target to EUR 2.5002 July 2010, Published under Cement NewsBanca Leonardo has revised down to EUR 2.50 from EUR 2.90 the share price target on Italian cement maker Cementir Holding. The broker motivated the decision with lowering its expectations for the 2010-2012 period. |