ma180204 陳朝宏 asia cement corporation （ acc 1102 ）
TRANSCRIPT
MA180204 陳朝宏
ASIA CEMENT CORPORATION
（ ACC 1102）
1102 ACC
YEAR 2011 2012
Highest Closing price 46.75 39.9
Lowest Closing price 28.25 33.15
Highest P/E ratio 17.33 18.17
Lowest P/E ratio 8.9 9.79
EPS 3.19 2.05
BASIC INFORMATION
FINANCIAL REPORT
Balance Sheet
（＄ millions） 2011 2012
Total assets 123,244 122,406
Current assets 11,224 11,148
Cash 5,742 5,703
Accounts receivable and Notes receivable 1,156 1,245
Inventories 1,617 1,704
Long-term investment 95,883 95,883
Net fixed assets 13,004 12,822
Total liabilities 36,873 36,623
Current liabilities 2,613 2,595
Accounts payable and Notes payable 978 1,031
Long-term liabilities 29,218 29,019
Other liabilities 5,043 5,009
Shareholder's equity 86,370 85,783
Paid-in capital 31,368 32,309
Retained earnings 16,357 14,829
Liabilities and Equity 123,244 122,406
FINANCIAL REPORT
In 2012,revenue grew 900 million, but pretax profit declined 3000 million.
Income Statement
（＄ millions） 2011 2012
Turnover 10,868 11,702
Cost of sales 10,380 10,939
Gross profit 491 763
Operating expenses 699 526
Operating income - 208 237
EBITDA 11,320 7,856
Non-operating income 10,343 6,623
Profit before tax 10,135 6,860
Tax 119 232
Profit after tax 10,016 6,628
EPS 3.19 2.05
CANDLESTICK CHARTS
The increase in volume and prices have a good relationship , it’s representative of the bull signal.
SWOT Analysis
Strengths Opportunity
‧ Internal resource-rich‧ Adequate supply of raw
materials‧ Full experience of
overseas market development
‧ Rapid growth of the China real estate investments
‧ excellent condition of production
‧ China cement market is very extensive
Weakness Threat
‧ Time backward to enter the China market
‧ Intense competition‧ Cross-strait tension,
changes in policies are often
INDUSTRY ANALYSIS
2012 EPS was $2.05. Asia Cement 1H12 after-tax
profit was 4.1 billion, after-tax EPS was $1.26,
3Q12 by Asia Cement China operations is not
good, and the Far East's new profit recession
dragged reinvestment, single-quarter after-tax
profit was 8.50 billion, after-tax EPS $0.26. The
4Q12 in Asia Cement profitability inject Under
estimated after-tax profit of 1.69 billion, after-tax
EPS $0.52; Overall, estimates that Asia Cement
2012 after-tax profit of 6.628 billion, after-tax
EPS $2.05.
STOCKS FUTURE PROSPECTS