Table of Contents
Investment summary: Maintain Cautious 3
Bottom up analysis 6
Major assumptions underlying sector view 6
Map: Regional cement prices and clinker capacity addition in FY12 8
Earnings revision 9
Industry Supply and Demand dynamics in 2013-14F 10
New Clinker capacity forecasts by region 15
Top-down analysis: Per capita indicators might suggest cement consumption testing peak 16
China cement sector valuation – More than fundamentals appear priced in 20
Appendix I: China High-speed railway (HSR) projects status 26
Appendix II: China clinker utilization rate by region/province 28
Stock Profiles 32
China National Building (3323 HK) 32
China Shanshui (691 HK) 34
Anhui Conch Cement (914 HK) 36
West China Cement (2233 HK) 38
China Resources Cement (1313 HK) 40