Credit Suisse lowered its target price for BBMG Corporation to HK$9.6 from HK$11.9, and maintained its "outperform" rating.
The research house said the China-based producer reported weaker FY2011 results and CS has therefore revised down its earnings by 23% for 2012 to reflect the persistent pressure on cement margin. But it added that valuation remains undemanding at this point.
Credit Suisse expects a moderate improvement in 2012 from the low base in 2H11.
