West China Cement Ltd. (HK:2233)
:2233
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West China Cement
(2233)
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Rating:60Neutral
Price Target:
HK$3.50
▲(2.94% Upside)
Action:ReiteratedDate:02/03/26
The score is driven primarily by mixed financial performance: stable operating margins and a solid balance-sheet base are outweighed by declining revenue/profits, higher leverage, and notably weak 2024 cash generation (negative free cash flow and no operating cash flow). Technicals are neutral-to-soft with near-term weakness (below 20-day average, RSI < 50), while valuation appears only moderate given the recent fundamental pressure.
Positive Factors
Stable Operating Margins
Consistent EBIT/EBITDA margins point to operational efficiency and disciplined cost control across plants. Durable margin stability helps protect profitability through construction cycles, supports reinvestment in maintenance and capacity, and underpins long-term cash generation potential.
Negative Factors
Declining Revenue & Profit
A 2024 decline in revenue and net income weakens scale economies and erodes retained earnings, pressuring return metrics. Prolonged top-line contraction can reduce pricing power, limit reinvestment, and make margin recovery dependent on sustained demand or market share gains over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable Operating Margins
Consistent EBIT/EBITDA margins point to operational efficiency and disciplined cost control across plants. Durable margin stability helps protect profitability through construction cycles, supports reinvestment in maintenance and capacity, and underpins long-term cash generation potential.
Read all positive factors
West China Cement (2233) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$12.51B
Dividend Yield1.29%
Average Volume (3M)42.61M
Price to Earnings (P/E)17.8
Beta (1Y)0.96
Revenue Growth20.56%
EPS Growth254.64%
CountryHK
Employees9,504
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.09
Shares Outstanding5,462,532,700
10 Day Avg. Volume48,984,311
30 Day Avg. Volume42,607,974
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)0.66
Price to Sales (P/S)0.97
P/FCF Ratio-44.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.24
Revenue Forecast (FY)HK$12.02B
West China Cement Business Overview & Revenue Model
Company Description
West China Cement Limited, an investment holding company, manufactures and sells cement and cement products in the People's Republic of China. It sells its products under the Yao Bai and Yaobaishuini names. The company's cement products are used i...
How the Company Makes Money
West China Cement generates revenue primarily through the sale of its cement products, which constitute the bulk of its income. The company benefits from a diverse customer base, including state-owned enterprises, large construction firms, and sma...
West China Cement Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.06B | 8.34B | 9.02B | 8.49B | 8.00B | 7.13B |
| Gross Profit | 2.65B | 1.97B | 2.46B | 2.18B | 2.38B | 2.34B |
| EBITDA | 3.08B | 2.33B | 2.62B | 3.22B | 3.43B | 2.91B |
| Net Income | 987.56M | 626.18M | 421.28M | 1.21B | 1.59B | 1.56B |
Balance Sheet | ||||||
| Total Assets | 35.79B | 36.29B | 32.90B | 30.24B | 26.65B | 18.91B |
| Cash, Cash Equivalents and Short-Term Investments | 854.48M | 1.16B | 922.66M | 1.42B | 3.59B | 751.46M |
| Total Debt | 11.70B | 11.56B | 10.68B | 9.53B | 9.13B | 3.71B |
| Total Liabilities | 21.45B | 22.47B | 18.73B | 16.85B | 14.86B | 8.38B |
| Stockholders Equity | 12.72B | 12.27B | 12.28B | 12.03B | 11.31B | 10.33B |
Cash Flow | ||||||
| Free Cash Flow | -743.07M | -181.88M | -224.02M | -826.78M | -1.84B | -259.73M |
| Operating Cash Flow | 1.29B | 2.04B | 2.70B | 2.13B | 1.96B | 2.68B |
| Investing Cash Flow | -905.56M | -1.88B | -3.35B | -3.28B | -3.52B | -3.12B |
| Financing Cash Flow | -505.45M | 85.46M | 139.81M | -1.08B | 4.45B | 322.04M |
West China Cement Technical Analysis
Neutral
3.40
Price Trends
2.78
Negative
2.91
Negative
2.68
Negative
Market Momentum
-0.14
Negative
43.65
Neutral
74.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2233, the sentiment is Neutral. The current price of 3.4 is above the 20-day moving average (MA) of 2.23, above the 50-day MA of 2.78, and above the 200-day MA of 2.68, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 43.65 is Neutral, neither overbought nor oversold. The STOCH value of 74.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2233.
West China Cement Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | HK$132.19B | 12.69 | 4.26% | 4.59% | -28.50% | 23.92% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | HK$12.51B | 17.75 | 6.91% | 1.29% | 20.56% | 254.64% | |
60 Neutral | HK$47.47B | 10.05 | 9.16% | 4.82% | 0.40% | 62.35% | |
49 Neutral | HK$2.00B | -2.49 | -5.53% | ― | -14.85% | ― | |
48 Neutral | HK$739.99M | 2.64 | 2.06% | ― | 0.18% | ― | |
45 Neutral | HK$10.61B | 20.82 | 1.08% | 1.52% | ― | ― |
* Basic Materials Sector Average
HK:2233
West China Cement
2.29
0.90
64.39%
HK:0914
Anhui Conch Cement Company
21.06
-0.06
-0.30%
HK:0691
China Shanshui Cement Group
0.46
-0.05
-9.80%
HK:1313
China Resources Building Materials Technology Holdings
1.52
-0.27
-15.32%
HK:1252
China Tianrui Group Cement Co., Ltd.
0.24
-0.03
-11.11%
HK:6655
Huaxin Cement Co., Ltd. Class H
17.72
9.58
117.69%
West China Cement Corporate Events
West China Cement Raises US$300 Million via 10.5% Senior Notes Due 2029
Feb 2, 2026
West China Cement Limited has entered into a purchase agreement with J.P. Morgan to issue US$300 million of 10.500% senior notes due November 11, 2029, with J.P. Morgan acting as sole global coordinator, lead manager, bookrunner and initial purcha...
West China Cement Issues US$400 Million in Senior Notes
Nov 25, 2025
West China Cement Limited announced the issuance of US$400 million in 9.90% senior notes due in 2028. The notes, offered outside the United States, are part of a strategic financial maneuver to strengthen the company’s capital structure and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.