China Resources(Holdings)Co.,Ltd.

Macquarie Expects CHINARES CEMENT 2017 Net Profit to Double; Reiterates Outperform

Time:2017-09-20Source:AAStocks Financial News

Macquarie, in its report, said CHINARES CEMENTissued positive profit alert, expecting that for the nine months ending 30 September 2017, the profit will significantly increase as compared with that of the corresponding period in 2016 ($838 million). The company did not reveal the actual growth estimates, but the broker's base case assumption expected the company's net profit in 2017 to double yearly to $3.9 billion. Macquarie suggested an upside risk to consensus earnings estimate of $3.2 billion.
The broker confirmed CHINARES CEMENT as the top pick among cement stocks based on the recent positive profit alert. The company is currently trading at 8x 2017 P/E (estimate), at a 39% discount to 13x for CONCH CEMENT (00914.HK) . The broker reiterated Outperform on CHINARES CEMENT with target price of $6.59. (AAStocks Financial News) 2017/09/14