Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][3]. Core Insights - The company announced an acquisition of 91.02% stake in CILU for USD 3.7 million (HKD 28.86 million), which is expected to enhance its cement production capacity in the Democratic Republic of Congo [1][2]. - The enterprise value of CILU is estimated at USD 12 million, with a projected EBITDA of USD 1.47 million for 2023, resulting in an EV/EBITDA ratio of 8.2x [1][2]. - The acquisition is anticipated to strengthen the company's regional advantage in the Congolese cement market, where cement prices range from USD 140 to 150 per ton [2]. Financial Projections - The projected net profits for the company are estimated to be CNY 1.09 billion, CNY 1.95 billion, and CNY 2.79 billion for the years 2024, 2025, and 2026 respectively [3]. Company Data - The total share capital of the company is approximately 5,462.53 million shares, with a market capitalization of HKD 7,975.30 million [6]. - The net asset value per share is HKD 2.55, and the debt-to-asset ratio stands at 58.86% [6]. - The stock has traded between HKD 1.85 and HKD 0.61 over the past year [6].
西部水泥收购点评：刚果（金）再下一城，水泥产能布局继续扩张