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Published: Wednesday August 1, 2012 MYT 8:59:00 AM
RHB Research upgrades Lafarge FV to RM9.05
KUALA LUMPUR: RHB Research Institute has raised the fair value for Lafarge Cement by 23% from RM7.34 to RM9.05 and upgraded it to an Outperform from Market Perform.
It said on Wednesday that Lafarge confirmed recent news reports that cement prices will be raised by approximately 6% effective today.
"While Lafarge said that the key reason for the hike is to recover 'rising manufacturing and distribution costs since 2012', we are more inclined to see the price hike as a reflection of an improving demand picture in the local cement industry backed by key public infrastructure projects. This allows cement producers to flex their pricing muscle," it said.
RHB Research raised FY12/13-14 forecasts by 26%-27%, after revising its net cement selling price and coal price assumption.
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