高盛：China: Basic Materials——Cement: Four positive industry trends, earnings & targets raised  07年11月7日

Four positive ongoing trends

(1). Demand “safe haven” amid ongoing external weakness.

(2). Intensifying government pollution crackdown to likely keep supply under control.

(3). Picked up M&As could re-rate sector’s supply side.

(4). Rising replacement cost supports higher equity valuation.

Anhui Conch (0914.HK): Key benefiary, earnings & target raised

CNBM (3323.HK): Factoring in recent cement acquisitions