ASP rises further:East China and South China ASPs

手机免费访问http://www.zjjv.com/fol.com2013年08月15日 09:58 野村国际(香港)　

字体：中金在线微博微信加关注

扫描二维码

关注

中金在线微信

　　ChinacementweeklyASPrisesfurther

　　China’scementASPrecordeda0.8%w-wincreasetoCNY334/tforGrade42.5productintheweekended9August2013,accordingtoDigitalCement(DC).EastChinawasthebestperformerintermsofcementASPwitha2.0%w-wincreasetoCNY334/t.FollowingrecentASPhikes,webelievethattheEastChinacementASPhasbottomedout.AsChina’scementmarketisheadingintothepeakseasonwithalikelydemandboominlateAugust,weexpectthecementASPtofurtherriseby5-10%(CNY20-30/t)in4Q13FespeciallyforEastChina.

　　Pricechanges:East,SouthandNortheastChinaup

　　Withinthepastmonth,clinkerASPsinEastChinahaveincreasedbyCNY50-60/tduetothelowinventorylevelstemmingfrompowerrationingandpricecoordinationinZhejiangandJiangsuprovinces.Asaresult,weexpectthecementASPinEastChinatofollowclinkerpricesbyrising10-15%(CNY30-40/t)in4Q13F.ThecementASPsinGuangdong(SouthChina)andHeilongjiang(NortheastChina)alsoincreasedbyCNY20/teachinthepastweekduetorisingdemand.Notably,thecementASPinAnhuiprovince(EastChina)shotupbyCNY30/t(+11%)toCNY300/tlastweekduetorisingdemand.

　　Inventorylevel:FurtherdropinEastandSouthChina

　　AccordingtoDC,thecementinventorylevelforChinadecreasedby0.9ppto67%overtheweekended9August2013.Thiswasmainlycausedbya3.3ppdropintheinventorylevelofEastChina.Weattributethisinventorydroptosupplyconstraints,includingeffectivepricecoordinationandproductionshutdownbypowerrationing,besidesdemandpick-up.TheinventorylevelinSouthChinaalsodecreasedby0.7ppto69%triggeredbyrisingdemandastherainyseasonhasended.Weexpecttheinventoryleveltoremainflattishinthecomingfour-sixweeks.

　　Action:BuyAnhuiConch

　　WebelievethatAnhuiConchisstillattractiveatthecurrentlevel,given:1)theEastChinacementASPissettofurthergoup;2)valuationsareattractive;and3)weforecastpositivey-yearningsgrowthfor2013F.

中金在线推出"微行情"服务啦！关注中金在线微信，您可以随时随地发送股票名称、简拼或代码，1秒便可查到最新行情；发送"黄金"、"白银"、"利率"查询贵金属报价和基准利率。快试试吧！

微信关注方法：1.扫描左侧二维码；2.搜索"中金在线"(cnfol-com)关注中金在线微信。