West China Cement Ltd. (HK:2233)
:2233
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West China Cement
(2233)
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Rating:50Neutral
Price Target:
HK$2.50
▼(-26.47% Downside)
Action:ReiteratedDate:04/27/26
The score is held back primarily by weak cash generation (sharp 2025 operating cash flow decline and persistently negative free cash flow) alongside meaningful leverage for a cyclical business. Technicals are also soft with the price below key longer-term moving averages. Offsetting factors include still-positive operating profitability and a moderate valuation with a modest dividend yield.
Positive Factors
Strong operating margins
Sustained gross and operating margins near 27% and 17% provide a durable earnings cushion versus peers in cyclical downcycles. Healthy margins imply structural pricing power and cost control at plants, supporting operating profitability even if top-line growth is uneven.
Negative Factors
Weak cash generation
Persistent negative free cash flow and a sharp OCF decline indicate accounting profits are not converting to discretionary cash. This undermines capacity to fund capex, reduce debt or sustain payouts, raising structural funding risk over the next several quarters absent material cash improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating margins
Sustained gross and operating margins near 27% and 17% provide a durable earnings cushion versus peers in cyclical downcycles. Healthy margins imply structural pricing power and cost control at plants, supporting operating profitability even if top-line growth is uneven.
Read all positive factors
West China Cement (2233) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$14.37B
Dividend Yield1.29%
Average Volume (3M)42.61M
Price to Earnings (P/E)17.8
Beta (1Y)0.96
Revenue Growth15.17%
EPS Growth39.36%
CountryHK
Employees9,504
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.02
Shares Outstanding5,462,532,700
10 Day Avg. Volume48,984,311
30 Day Avg. Volume42,607,974
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)1.20
Price to Sales (P/S)1.62
P/FCF Ratio-8.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$1.10Price Target Upside-67.65% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)0.19
Revenue Forecast (FY)HK$11.39B
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
Revenue is generated mainly from (1) selling cement (typically the largest contributor), where the company produces cement at its plants and sells it to distributors and end customers such as construction contractors; (2) selling clinker, an inter...
West China Cement Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
62
Positive
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.37B | 8.34B | 9.02B | 8.49B | 8.00B |
| Gross Profit | 2.56B | 1.97B | 2.46B | 2.18B | 2.38B |
| EBITDA | 2.04B | 2.33B | 2.62B | 3.22B | 3.43B |
| Net Income | 856.81M | 626.18M | 421.28M | 1.21B | 1.59B |
Balance Sheet | |||||
| Total Assets | 35.25B | 36.29B | 32.90B | 30.24B | 26.65B |
| Cash, Cash Equivalents and Short-Term Investments | 1.48B | 1.16B | 922.66M | 1.42B | 3.59B |
| Total Debt | 11.96B | 11.56B | 10.68B | 9.53B | 9.13B |
| Total Liabilities | 21.33B | 22.47B | 18.73B | 16.85B | 14.86B |
| Stockholders Equity | 12.66B | 12.27B | 12.28B | 12.03B | 11.31B |
Cash Flow | |||||
| Free Cash Flow | -1.77B | -181.88M | -224.02M | -826.78M | -1.84B |
| Operating Cash Flow | 1.09B | 2.04B | 2.70B | 2.13B | 1.96B |
| Investing Cash Flow | -2.36B | -1.88B | -3.35B | -3.28B | -3.52B |
| Financing Cash Flow | 318.19M | 85.46M | 139.81M | -1.08B | 4.45B |
West China Cement Technical Analysis
Neutral
3.40
Price Trends
2.61
Negative
2.87
Negative
2.73
Negative
Market Momentum
-0.01
Negative
53.01
Neutral
72.86
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 2.32, above the 50-day MA of 2.61, and above the 200-day MA of 2.73, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 53.01 is Neutral, neither overbought nor oversold. The STOCH value of 72.86 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$122.96B | 12.69 | 4.26% | 4.59% | -9.32% | 5.05% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | HK$46.73B | 10.05 | 9.16% | 4.82% | 3.48% | 18.68% | |
50 Neutral | HK$14.37B | 17.75 | 6.91% | 1.29% | 15.17% | 39.36% | |
49 Neutral | HK$1.74B | -2.49 | -5.53% | ― | -20.28% | -604.87% | |
46 Neutral | HK$38.88B | -11.64 | -2.95% | 3.30% | -2.13% | -279.50% | |
43 Neutral | HK$3.97B | -72.16 | -16.84% | ― | -3.75% | -13.94% |
* Basic Materials Sector Average
HK:2233
West China Cement
2.52
0.99
64.81%
HK:0914
Anhui Conch Cement Company
19.84
-0.81
-3.91%
HK:3323
China National Building Material Co
5.03
1.31
35.25%
HK:0691
China Shanshui Cement Group
0.38
-0.16
-29.63%
HK:6655
Huaxin Cement Co., Ltd. Class H
16.81
8.15
94.11%
HK:0695
Dongwu Cement International Ltd.
6.98
4.77
215.84%
West China Cement Corporate Events
West China Cement Sets Virtual AGM, Dividend and Share Issuance Mandate
Apr 23, 2026
West China Cement has called its 2026 annual general meeting for 29 May, to be held entirely by electronic means, where shareholders will review the audited consolidated financial statements and directors’ and auditors’ reports for the...
West China Cement to Acquire South Africa’s AfriSam in R2.5 Billion Deal
Apr 2, 2026
West China Cement has agreed, via an indirect wholly owned subsidiary, to acquire shares in and subscribe for new equity of South Africa’s AfriSam Holdings as part of a single, indivisible transaction. The deal, structured as a discloseable ...
West China Cement Declares Final 2025 Dividend and Sets Payout Timetable
Mar 23, 2026
West China Cement Limited has proposed a final ordinary cash dividend of RMB 0.048 per share for the financial year ended 31 December 2025, underscoring its intent to return capital to shareholders following its annual results. The distribution is...
West China Cement Posts Strong 2025 Profit Growth on Higher Volumes
Mar 23, 2026
West China Cement Limited reported a strong set of results for the year ended 31 December 2025, driven by higher sales volumes and improved profitability across its core products. Total cement and clinker sales rose 9.0% to 21.8 million tons, with...
West China Cement in Early Talks to Sell China Assets to Connected Buyer
Mar 13, 2026
West China Cement has entered preliminary talks to sell certain China-based assets to a potential buyer connected to its substantial shareholder Conch International Holdings. The proposed disposal aims to streamline the company’s investment ...
West China Cement Sets March Board Meeting to Approve 2025 Results and Consider Dividend
Mar 9, 2026
West China Cement has scheduled a board meeting in Hong Kong on 23 March 2026 to review and approve the audited annual results for the year ended 31 December 2025. The board will also consider the declaration of a final dividend, signalling a key ...
West China Cement Flags 33–43% Profit Jump on Overseas Growth and Cost Cuts
Mar 4, 2026
West China Cement has issued a positive profit alert, projecting profit attributable to shareholders for 2025 to rise to about RMB832.8 million to RMB895.5 million, an increase of roughly 33% to 43% from RMB626.2 million in 2024. The board stresse...
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...
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.