WearecautiousonChinacementsector,weexpectcementpricetodecline3%y-o-yin2013.
WeexpectcementconsumptioninChinaisapproachingpeakespeciallyforEasternChinabasedonourtop-downanalysisforpercapitaconsumptionByregion,wearenegative(non-consensus)towardsEasternChinaonlowdemandvisibilityandprudentonSouthgivensupplypressure;wepreferNorthernandNorthwestern(excl.Xinjiang)regionsonlimitedASPdownsideandconfirmednewprojectsrespectivelyStockpicks:BuyWCC,SellAnhuiConch