Guotai Haitong: Overseas fundamentals remain strong; maintain "Outperform" rating on West China Cement (02233.HK)

Zhitong Finance APP has learned that Guotai Haitong has issued a research report stating that it maintains the "Overweight" rating on West China Cement (02233.HK), and expects the company's net profit attributable to parent for 2026-2028 to be RMB 936 million/1.605 billion/2.073 billion, respectively, with EPS of RMB 0.17/0.29/0.38, respectively. Given that the company is a leader in overseas expansion and has strong growth potential, referencing comparable companies, the bank recognizes a 2026 PE of 13x for the company, with a fair price of HKD 2.54 (RMB to HKD = 0.87:1), and also assigns a 2026 PB valuation of 1.3x, with a fair price of HKD 3.63. For prudence, a target price of HKD 2.54 is selected.