On July 23, CONCH CEMENT rose 3.11% in regular trading, trading at HK$18.22/share, with turnover of approximately HK$45.25 million.

The rally was driven by a dual catalyst: UBS upgraded the stock from \"Sell\" to \"Neutral\" with a target price of HK$18.2, while the company continued its high-frequency share repurchase program. UBS noted that evidence of the cement industry bottoming is increasingly apparent, projecting profitability to trough this year before a mild recovery from 2027, supported by declining thermal coal prices from RMB 750/ton to RMB 720/ton. The bank revised 2026 and 2027 earnings forecasts down 16% and 5% to RMB 7.1 billion and RMB 7.5 billion respectively.

On the buyback front, the company repurchased 240,000 H shares on July 22 for approximately HK$4.25 million, and 550,000 H shares on July 21 for approximately HK$9.69 million. As of July 20, cumulative A-share buybacks reached approximately RMB 237 million under a RMB 600 million to RMB 1 billion program expiring August 25. The company has also cancelled 22.24 million A shares, reducing total share capital to 5.277 billion shares.

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