Credit Suisse lifted its target price for Taiwan Cement Co (TCC) International to HK$1.8 from HK$1.7 and upgraded the stock to "neutral" from "underperform".

The research house said TCCI sees improving cement pricing in the second half of this year, but also expects administrative cost may revert as well. Management commented that Guangdong has increased prices by CNY40-50/t (US$6-8) since May which were partly offset by higher cost of trucking due to overload controls.

The house also revised down its earnings by 16 per cent for 2013 and 2014, to reflect lower unit gross profit assumption (compared to prior ones), partly offset by lower finance costs.