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2009-4-23 04:01:00 p.m. HKT, XFNA
DJ MARKET TALK:HK Cement Plays Rally May Be Ahead Of Fundamentals
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| 1546 [Dow Jones] Rally in HK-listed cement-related stocks going gangbusters, with big caps Anhui Conch Cement (0914.HK) +9.6% at HK$48.00, CNBM (3323.HK) +8.8% at HK$15.10, Sinoma (1893.HK) +6.5% at HK$5.75; smaller Shanshui Cement (0691.HK) +17.5% at HK$4.09, tiny (market cap less than HK$400 million) SAC Cement (1060.HK) +30.4% at 45 HK cents. Several recent catalysts: NSSF ups stake in Sinoma, some upbeat management guidance, with macro background being expectation China's huge infrastructure spending will boost sector earnings, says YK Chan of Phillip Asset Management; adds, China's property market recovering, should also boost cement demand. Still, could be case of share prices running ahead of fundamentals, with Conch trading at 30.7X historic P/E, CNBM at 22.0X, Sinoma 36.6X. "Earnings are sure to grow this year, but investors need to do their homework about how strong the earnings growth is," Chan says.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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