Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed Mainland China cement producer Anhui Conch Cement (AHCHY) (AHCHF) [914:HK].
The coronavirus outbreak had a negative impact on Anhui Conch Cement's business operations in 1Q2020, but the company expects only a marginal -1.5% YoY decline in FY2020 cement and clinker sales volumes. Furthermore, cement prices in China seemed to have stabilized in the past few weeks and national average cement inventory levels have come down to more reasonable levels as well. The Chinese cement sector is a potential beneficiary of policy