28 August 2025 | 8:13PM HKT Anhui Conch Cement (0914.HK) Earnings Review: 1H25 above expectation with solid operations; a better 2026 ahead with potential industry supply work; Maintain Buy | 0914.HK | 12m Price Target: HK$31.00 | Price: HK$23.92 | Upside: 29.6% | | --- | --- | --- | --- | | 600585.SS | 12m Price Target: Rmb32.00 | Price: Rmb24.59 | Upside: 30.1% | Conch reported 1H25A NP of Rmb4.6bn, or EPS of Rmb0.874/sh, up 33% yoy. Excluding one-offs, including provisions related to capacity swaps, recu ...

Gross profit per tonne of cement and clinker recovers YoY and QoQ. We estimate that the unit price of the firm's self-produced cement and clinker rose Rmb4 YoY to Rmb244 in 1H25, and the unit cost fell Rmb13 YoY to Rmb174. Specifically, its unit fuel cost fell Rmb15 YoY, possibly due to falling coal prices. On a quarterly basis, we estimate gross profit per tonne of the firm's self-produced cement and clinker may rise over Rmb20 YoY and about Rmb9 QoQ in 2Q25. Signs Xinjiang project for cement business; opt ...

August 24, 2025 07:26 PM GMT Investor Presentation | Asia Pacific M Foundation Growth Cool, Policy Drip, Market Buoyant Related Reports: Growth Cool, Policy Drip, Market Buoyant (21 August 2025) Is the HIBOR Spike a Headwind? (20 August 2025) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 For important disclosures, refer to the Disclosure Section, located at the end of this rep ...

V i e w p o i n t | 20 Aug 2025 09:00:00 ET │ 9 pages Global Metals & Mining Cement vs. steel production trends in China: Divergence is explainable CITI'S TAKE China's cement production is annualizing at the lowest levels since 2009 while steel production is c.65% higher than 2009 levels. The increase in steel net exports explains part of the difference—if Chinese net exports of steel went back to 2009 levels (when they were negligible), steel production in China would only be c.45% higher than 2009 levels, ...

Malayan Cement expects future infrastructure projects driven in part by Malaysia’s rapidly growing urban population to act as a long-term growth catalyst https://t.co/trtt7qEcSA ...

Core Insights - Monarch Cement's stock has increased by 2.3% following the Q2 2025 earnings report, outperforming the S&P 500's 1.8% growth during the same period, but has seen a decline of 4.3% over the past month, underperforming the S&P 500's 2.5% advance [1] Financial Performance - In Q2 2025, Monarch Cement reported net sales of $67.8 million, a decrease of 6.3% from $72.4 million in the previous year, while net income rose significantly by 62.7% to $18.7 million from $11.5 million, driven by improved equity investment results [2] - Earnings per share (EPS) increased to $4.99 from $3.14, despite a slight contraction in gross profit margins to 36.2% from 38.4% [3] Segment Performance - Cement sales increased by $3 million in Q2 2025, supported by a 0.5% rise in volumes and $2.8 million in price gains, while Ready-Mixed Concrete revenues fell by $7.5 million due to a 31.9% volume decline [4] - Consolidated expenses decreased by $1.3 million year over year, although cement production costs rose by $5.1 million, leading to a significant contraction in gross profit margins for the Cement business to 42.6% from 50.6% [5] Management Commentary - Management highlighted the seasonality of operations, noting that demand peaks in the second and third quarters but is sensitive to adverse weather conditions that can disrupt construction activities [6] Liquidity and Capital Expenditure - Working capital was stable at $136.5 million as of June 30, 2025, down slightly from $141.2 million at the end of 2024, with a cash balance of $34.2 million compared to $38.7 million a year earlier [7] - The company plans to invest $40.1 million in property, plant, and equipment during 2025, with $16 million already allocated to cement production facilities and $6 million to Ready-Mixed Concrete equipment by mid-year [10] Investment Impact - Equity investment results significantly influenced earnings, with an unrealized gain of $4.1 million in Q2 2025 compared to a $10.6 million loss in the prior year, and gains from equity investment sales reaching $9.5 million in the first half of 2025 [8] - Dividend income decreased to $0.1 million in Q2 2025 from $0.2 million a year earlier, while the effective tax rate rose to 26% in the first half of 2025 from 21% [9] Strategic Developments - A structural change occurred in late 2024, with Monarch Cement contributing subsidiaries into a joint venture, RMCMO Holdings, LLC, where it holds a 49% stake, which is expected to diversify operations and provide long-term strategic benefits [11] - The second-quarter results reflect a mixed operating environment, with revenue contraction in the Ready-Mixed Concrete segment but improved net income due to equity investment results [12] - Challenges remain with margin pressures in cement production and reduced concrete volumes, but management's focus on stronger pricing, cost controls, and capital investments aims to enhance long-term competitiveness [13]

In cement, China makes more than the rest of the world combined. But India is again a distant but real global #2. https://t.co/BRWa7FE2Aw ...

Few commodities tell the story of China’s 21st-century economy better than humble cement, and its current output slump illustrates the depth of the nation’s building slowdown after the frenzy of the previous decade https://t.co/yfkSvxY6zD ...

Summary of Conference Call Notes Industry Overview - **Industry**: Cement Industry in China - **Outlook**: Improved supply-demand dynamics expected to lead to a recovery in cement prices in the near term, supported by better-than-expected anti-involution policies in the long term [1][3] Key Points 1. **Clinker Price Increase**: - Clinker price in the Yangtze River Delta rose by Rmb30/t to Rmb230-240/t FOB due to planned 15-day off-peak production suspension and a bottoming out of prices after previous declines [2] - Cement shipments in the region were affected by adverse weather, operating at 50-60% capacity [2] 2. **Current Market Conditions**: - Cement prices in East China have bottomed, with industry leaders' gross profit per ton (GP/t) near last year's lowest levels, while smaller players are at break-even [3] - Cement inventory utilization is high at 70-80%, which may facilitate better implementation of off-peak production suspensions [3] 3. **Seasonal Improvement Expected**: - Cement shipments are currently low due to weather but are expected to improve seasonally until November [3] - Similar conditions are observed in South and Central China [3] 4. **Long-term Policy Implications**: - The Ministry of Industry and Information Technology (MIIT) is expected to implement stricter anti-involution policies, potentially reducing approved clinker capacity from ~2.2 billion tons (bnt) to ~1.6 bnt by 2026 [4] - This reduction could improve clinker capacity utilization to ~65% in 2026 from ~50% currently, supporting further price improvements [4] 5. **Beneficiaries**: - Key beneficiaries of the expected price recovery include Anhui Conch, CNBM, CR Building Materials, and Huaxin Cement [3] Additional Insights - **Market Monitoring**: The implementation of price hikes needs to be closely monitored due to potential disruptions in cement shipments caused by weather conditions [2] - **Future Capacity Checks**: MIIT's capacity checks and the introduction of Technical Specifications for Clinker Production Monitoring may lead to more stringent operational standards [4] Conclusion - The cement industry in China is poised for a recovery in prices due to improved supply-demand dynamics and supportive government policies. Key players are expected to benefit from these changes, while ongoing monitoring of market conditions is essential for assessing the implementation of price increases and production adjustments.

Group 1 - Pacasmayo (CPAC) shows a noticeable improvement in earnings outlook, making it an attractive investment option [1] - Analysts are raising earnings estimates for Pacasmayo, reflecting growing optimism about the company's earnings prospects [2][3] - The Zacks Rank system indicates a strong correlation between earnings estimate revisions and stock price movements, with Pacasmayo currently holding a Zacks Rank 2 (Buy) [3][10] Group 2 - The current quarter's earnings estimate for Pacasmayo is $0.19 per share, representing a year-over-year increase of +18.8% [7] - The full-year earnings estimate is projected at $0.71 per share, reflecting a +16.4% change from the previous year [8] - The consensus estimate for the current year has increased by 9.23% due to positive revisions [9] Group 3 - Pacasmayo's stock has gained 5.3% over the past four weeks, driven by solid estimate revisions and positive earnings growth prospects [11]