Daiwa downgraded the rating of Shanshui Cement (0691.HK) from buying to outperforming the market. The target price was drastically reduced from HK$8.7 to HK$4.2; indicating that Shanshui management anticipated zero sales growth in 2012 and was cautious about the outlook: the bank believes that cement supply in Shandong Province is hurting Shanshui's market share; it lowered its earnings per share by an average of 39% in FY12-14.
大和降山水水泥(0691.HK) 评级至跑赢大市，目标价削至4.2港元
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