Cement News tagged under: corporate
Daiwa ups West China Cement but prefers peers15 April 2011, Published under Cement NewsDaiwa upgrades West China Cement to Hold from Underperform, and raises the target price to HK$3.33 from HK$2.38 after revising up its FY11-12 earnings forecasts to reflect the company’s expansion in Xinjiang and Shaanxi provinces. The house says the upgrade is also due to the fact that the stock was not de-rated in the way it had expected following its rating downgrade in late February on the back of the chairman’s share pledge for a personal loan, with feedback from investors suggesting t... |
Credit Suisse raises Asia Cement to outperform15 April 2011, Published under Cement NewsCredit Suisse upgrades Taiwan-based producer, Asia Cement to Outperform from Neutral and boosts its target price to NT$43.10 from NT$29.60 on strong profit outlook in China cement sales. It also notes returns from equity investment in Far East New Century should help offset declines in U-Ming Marine. The house adds slowing growth of new capacity in China helps support cement prices; it forecasts Asia Cement’s EBITDA in China to rise 96% in 2011, and by another 11% in 2012, after falling arou... |
UOB keeps Sinoma at buy, booming Xinjiang demand, China14 April 2011, Published under Cement NewsUOB KayHian keeps Sinoma at Buy with a target price of HK$9.50, citing "booming cement demand in Xinjiang". It says cement prices in southern Xinjiang have picked up by CNY60-CNY80/t to CNY320-CNY340/t because of accelerating construction activity, while northern Xinjiang’s cement prices remain stable. The house adds that contract prices for late-April rose by CNY20-CNY30/t, and expects that once the market moves into peak season, cement prices may shoot up CNY100/t, ahead of cement prices... |
Fitch reaffirms Cementos Argos’ ratings, focus on Colombia14 April 2011, Published under Cement NewsFitch Ratings Colombia reaffirmed Cementos’ Argos’ rating of AA+ (high level) with a stable outlook for the bonds the company issued in 2009, despite the firm posting a negative performance over the last year. Revenues fell 13% because of lower prices especially in the US but in its domestic market of Colombia cement volumes rose 7% last year whilst concrete volumes soared 40%. Back in 2006, the production and sale of concrete in the US represented 49% of Argos’ EBITDA. Four years later and... |
Lucky Cement earnings’ outlook, Pakistan14 April 2011, Published under Cement NewsLucky Cement Limited is set to release its 9MFY11 financial results on April 16, 2011. Arif Habib Limited expects the company to earn profit after tax of PKR2696m (US$32m) for 9MFY11, representing a 5% YoY improvement, when compared with PKR2561m (EPS: PKR 7.92) in the corresponding period last year. The growth in profit after tax is expected from a 20% YoY jump in the average retention prices. For 3QFY11 alone, Arif Habib Limited expects the company to post QoQ growth of 68% to PKR1235m, m... |
Texas Industries declares quarterly dividend, USA14 April 2011, Published under Cement NewsThe Board of Directors of Texas Industries, Inc (TXI) declared a cash dividend of US$.075 per common share payable May 31, 2011 to shareholders of record May 6, 2011. Meanwhile, company has also announced the promotion of Les Vines to Treasurer of the Company. In addition, Mr. Vines will direct TXI’s Investor Relations efforts. Vines will also continue to serve as TXI’s Vice President – Corporate Controller. |
Mexico’s Cemex sees US$400m in savings – report14 April 2011, Published under Cement NewsCemex expects a reorganisation to save some US$400m annually after 18 months, Chief Executive Lorenzo Zambrano told Reforma newspaper. The expected savings come after Cemex announced a management reshuffle earlier this week. "With this new structure, with fewer [management] levels, we think we’ll have savings of close to US$400m on top of other savings previously announced," Zambrano said in an interview published on Wednesday. The company said on Monday that senior executive Fernando Gon... |
RAM Reaffirms ratings on Lafarge Malayan cement debt facility13 April 2011, Published under Cement NewsRAM Ratings Bhd (RAM) has reaffirmed the respective long-term and short-term ratings of Lafarge Malayan Cement Bhd’s (LMCB) MYR350m (US$115.7m) Islamic Securities Programme (2010/2017), at AA2 and P1. In a statement Wednesday, RAM said the long-term rating has a stable outlook. "The reaffirmation of the ratings is premised on LMCB’s strong business profile as the largest integrated cement player in Malaysia, where the group owns four cement plants and possesses almost half of the industry’... |
Misr Cement Qena posts 11% 1Q11 drop13 April 2011, Published under Cement NewsEgypt’s Misr Cement Qena posted an 11 per cent drop in 2011 first quarter net profit to EGP103.7m (US$17m), the stock exchange said on Wednesday. The firm is one of the first to report first quarter results, which analysts have been waiting for keenly as an indication of how strongly companies were affected by the political turmoil that toppled President Hosni Mubarak. Misr Cement’s profit in the first quarter of 2010 was EGP117.7m. Source: Reuters |
Cement makers up on Exane upgrade13 April 2011, Published under Cement NewsShares in Holcim and HeidelbergCement surged more than four per cent, outperforming a 1.8 per cent higher STOXX Europe 600 Construction & Materials .SXOP index, after a sector upgrade from broker Exane BNP Paribas. Lafarge is also up two per cent as Exane analysts say the outlook for the whole cement sector is brightening. "Cement prices are increasing sequentially in several key markets," the broker says in a note. "Strong production data across developed markets in the first quarter of 2... |