Contents page
Industry analysis 3
— Demand set to recover.........................................................................................3
— Supply growth looks aggressive as well ...............................................................5
Earnings updates 7
Valuation 12
— New valuation methodology ...............................................................................12
— VCAM assumptions............................................................................................13
— Cross-check using PE valuations .......................................................................16
— Positive catalysts for the cement sector:.............................................................19
— Stock picks.........................................................................................................20
— Valuation comps ................................................................................................22
Valuation bands 23
Company pages 33
— Anhui Conch Cement .........................................................................................34
— China National Building Materials.......................................................................39
— Anhui Conch Cement - A....................................................................................44
— Huaxin Cement - A.............................................................................................47
— Tangshan Jidong Cement ..................................................................................52