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Anhui Conch achieves only 62% of consensus

Anhui Conch Cement (00914) reported 9-month netprofit of Rmb9.8bn (EPS Rmb1.85)  achieving 74% of the FY2017 consensus of Rmb13.3bn (EPS
Rmb2.52), said Macquarie Research.
  However, excluding the Rmb1.9bn investment income, the research house estimated a
recurring net profit of Rmb8.3bn (EPS Rmb1.57), only 62% of the FY2017 consensus.
  The research house said cement prices in Eastern China have outperformed the other 
regions since 3Q. It believes this outperformance could continue in 4Q, as Macquarie 
expects (1) the coal price to be supported by winter restocking (i.e. allowing more cost 
pass through of cement producers to downstream), and (2) construction activities to pick 
up after the rainy season. This may result in near-term momentum for Anhui Conch's share 
price.
  Macquarie maintained its "underperform" rating on Conch, with a target price of
HK$20.85.

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