China National Building Materials (H)
- ExchangeHong Kong Stock Exchange
- SectorConstruction & Materials
With the nationwide delay in construction activities, we expect cement players’ 1Q20 earnings to be under pressure, given the high base in 1Q19, although the full-year impact will be limited. With no latest cement ASP data available, we believe the resumption of construction activities and total passenger traffic in China should be key indicators for downstream cement demand. Looking ahead, we believe the cement sector would benefit from potential policy easing. Maintain OVERWEIGHT on the sector.
CHINA NATIONAL BLDG.MRA. (HK), a company active in the Building Materials & Fixtures industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date January 31, 2020, the closing price was HKD 7.51 and its expected value was...
EM Remains In Favor; Shanghai Comp Breaking Out A weakening US dollar (DXY) continues to be a major tailwind for both EM equities and the commodity Sectors. Improving price and RS trends for these risk-on areas of the market are among the many characteristics consistent with historical bull markets. Therefore, we continue to label this a bull market and we believe global equities are still in the early innings of a broad-based advance. • EM Equities. Price action has remained weak for the US dollar (DXY), which has been great news for EM equities. As outlined in our 12/19/19 Int'l Compass an...
Feasibility Study Results in December to be a Catalyst for this Junior