
ShanshuiCementissuedaprofitwarningyesterdaysayingthatunaudited1H13netprofitwilldecreasebynotlessthan40%y/y.ProfitdeclineduetosustainedlowlevelofASP.Thatmeans1H13earningswillbeatmostRmb437m(1H12:Rmb728m),accountingforonly25%and28%ofourandconsensusfull-yearestimate.Thecompanyattributedtheprofitdeclinetoover-capacityandsustainedlowpricessince4Q12.Inparticular,cementASPin1H13failedt...