Investment summary 5
Extending demand 15
Urbanization 19
Transport infrastructure 22
Supply discipline 26
Valuation methodology 30
Company section 35
Anhui Conch (914 HK) 36
CNBM (3323 HK) 38
CR Cement (1313 HK) 40
Shanshui Cement (691 HK) 42
AC China (743 HK) 44
TCC Int’l (1136 HK) 46
Sinoma (1893 HK) 48
Disclosure appendix 52
Disclaimer 55