CHINA SHANSHUI CEMENT (691.HK) : DOWNGRADE TO UW(V): WEAK GEOGRAPHICAL EXPOSURE UNDERESTIMATED
汇丰银行(中国)有限公司2013-09-26
We think expectations for better pricing in 2H, during the peak season, will disappoint given Shanshui’s geographical exposure Our new target price of HKD3 .0 is based on 0.9x FY14e EV/IC vs. HSBC’s old target price of HKD4.2, which was based on 0.95x FY15e EV/IC We downgrade Shanshui to UW(V) from OW(V)