＜Research＞CLSA Adjusts TPs on CR BLDG MAT TEC (01313.HK) and CNBM (03323.HK), Rates Outperform

　　According to a report by CLSA, cement companies in Hefei and other Eastern China regions raised cement prices by RMB20/ton on 16 July as shown by Digital Cement. The broker believes that the current increase in cement prices came from collaboration at the supply end. Companies chose to collaborate to maintain supply matching demand, while raising prices for profit. Although the weather is deteriorating again in July, the prices are still expected to remain at this level until the end of the peak season.

　　CLSA is optimistic that cement prices in 2H24 will recover to the levels seen in 1H23. However, given continued rainy days in many areas, especially in Southern China, CLSA believes space for further price hikes is limited. Based on a good 2H24 outlook, it lifts its net profit estimates for CR BLDG MAT TEC (01313.HK) -0.010 (-0.521%) Short selling $1.99M; Ratio 13.177% for 2024 and 2025 by 31% and 43% and the TP from $1.7 to $2.2 with the Outperform rating. Meanwhile, it lowered the TP of CNBM (03323.HK) -0.030 (-1.158%) Short selling $6.12M; Ratio 29.810% from $4 to $3.4 with the Outperform rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-23 12:25.)

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