BofAS Raises CNBM TP to HKD6.7, Expects Improvement in Cement Business Outlook

BofAS has raised the target price for CNBMfrom HKD5.7 to HKD6.7, citing an expected improvement in the cement business outlook. The company reported a net loss of RMB177 million in Q1, consistent with prior warnings, but the loss narrowed by 60% YoY, aided by better performance from fiberglass subsidiaries. The cement business, however, remained flat YoY with a net loss of RMB1.5 billion. BofAS maintains a Buy rating on the stock.