Analyst Research Report Snapshot


Taiwan Cement (1101 TT, NT$45.3, OP): Maintain Outperform




KGI Greater China


15 May 2014





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1Q14 earnings in line with market expectation 1Q14 EPS up 29.7% YoY to NT$0.5, in line with consensus of NT$0.49 but below our forecast of NT$0.55 due to higher operating expense & lower non-op income China cement price recovery & increased shipments to drive earnings CAGR of 11% in 2013-15F, versus 8% in the past two years Target price lowered to NT$54 from NT$55.7, based on 17x 2014-15F average EPS, vs. historical range of 10-19.8x; maintain Outperform rating We have tweaked down our 2014 earnings estimate by 3.8% after incorporating 1Q14 results. Accordingly, our target price is revised to NT$54, down from NT$55.7, based on the same PE multiple of 17x (versus historical band of 10-19.8x). However, we retain our positive view of Taiwan Cement as we expect the improving dynamics of China’s cement market to drive cement price recovery. Combined with shipments growth, we forecast an earnings CAGR of 11% in 2013-15, versus 8% in the past two years. With 19.2% upside, we maintain our Outperform rating.

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