China National Building Materials (H)

China National Building Material is an investment holding company based in the People's Republic of China. Co. is engaged in producing and selling cement, lightweight building materials, glass fiber, composite materials and fiberglass reinforced plastics; and providing engineering services to glass and cement manufacturers and equipment procurement. Through its subsidiaries, Co. is also engaged in producing and selling PVC tiles, glass fiber mats and gypsum board. Co. operates four business segments: lightweight building materials; cement; engineering services; and glass fiber and Fiberglass Reinforced Plastic (FRP) products.
  • Ticker3323
  • ISINCNE1000002N9
  • ExchangeHong Kong Stock Exchange
  • SectorConstruction & Materials
  • CountryChina
UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong

Cement - Demand recovery on track in May

Cement prices are showing recovery in May with national ASP (stripping northeast) inching up 1%yoy. Demand is picking up with cement storage capacity ratio declining from Feb 20’s 73% to 54% in May, while cement production in April was up 51.15% mom, the highest since 2015. FAI for both infrastructure and property has rebounded from February’s low. We believe infrastructure FAI will be the key driver for cement demand for the rest of 2020, backed by supportive policies. Maintain OVERWEIGHT.

UOB
Greater China Research Team

Strategy - Alpha Picks: Greater China May Conviction Calls

The Chinese equity markets in Apr 20 saw the strongest monthly rebound since the beginning of 2020, but the uncertainties of the COVID-19 pandemic are still deterring the markets from a full recovery. We remain positive on the beneficiaries of policy support and durable themes, and focus on names with strong balance sheets and low dependence on global supply chains. Our key picks are Ausnutria Dairy, CEG, CIFI, JD.com and ZTE.

UOB
Greater China Research Team

Strategy - Reassessing Impact Of COVID-19

With COVID-19 becoming a global pandemic, economic activities are unlikely to normalise by the end of May. Weak overseas demand would pose further challenges to Chinese corporates which are already hurting from a domestic slowdown. We reassess the fair values of our key stock picks in the best-, base- and worst-case scenarios, and highlight the stocks that are resilient during the pandemic, namely Ausnutria, Mindray, SHKP, Weichai and Tencent.

UOB
Greater China Research Team

China Strategy: Reassessing Impact Of COVID-19

With COVID-19 becoming a global pandemic, economic activities are unlikely to normalise by the end of May. Weak overseas demand would pose further challenges for Chinese corporates which are already hurting from a domestic slowdown. We reassess the fair values of our key stock picks under best/base/worst-case scenarios, and highlight the stocks that are resilient during the pandemic, namely Ausnutria, Mindray, SHKP, Weichai and Tencent.

UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong

Cement - 2019 round-up: Rock-solid results; expect another good year

Chinese cement companies posted solid results again in 2019 on resilient downstream demand and supply discipline among leading players. Anhui Conch and CR Cement further strengthened their net cash positions, backed by strong cash inflows. CNBM’s de-leveraging progress is on track. We believe the COVID-19 outbreak would hurt 1Q20 earnings, while further stimulus policies on infrastructure FAI would be a key catalyst supporting cement demand for the rest of 2020. Maintain OVERWEIGHT.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

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...

UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong

Cement - Demand recovery on track in May

Cement prices are showing recovery in May with national ASP (stripping northeast) inching up 1%yoy. Demand is picking up with cement storage capacity ratio declining from Feb 20’s 73% to 54% in May, while cement production in April was up 51.15% mom, the highest since 2015. FAI for both infrastructure and property has rebounded from February’s low. We believe infrastructure FAI will be the key driver for cement demand for the rest of 2020, backed by supportive policies. Maintain OVERWEIGHT.

UOB
Greater China Research Team

Strategy - Alpha Picks: Greater China May Conviction Calls

The Chinese equity markets in Apr 20 saw the strongest monthly rebound since the beginning of 2020, but the uncertainties of the COVID-19 pandemic are still deterring the markets from a full recovery. We remain positive on the beneficiaries of policy support and durable themes, and focus on names with strong balance sheets and low dependence on global supply chains. Our key picks are Ausnutria Dairy, CEG, CIFI, JD.com and ZTE.

UOB
Greater China Research Team

Strategy - Reassessing Impact Of COVID-19

With COVID-19 becoming a global pandemic, economic activities are unlikely to normalise by the end of May. Weak overseas demand would pose further challenges to Chinese corporates which are already hurting from a domestic slowdown. We reassess the fair values of our key stock picks in the best-, base- and worst-case scenarios, and highlight the stocks that are resilient during the pandemic, namely Ausnutria, Mindray, SHKP, Weichai and Tencent.

UOB
Greater China Research Team

China Strategy: Reassessing Impact Of COVID-19

With COVID-19 becoming a global pandemic, economic activities are unlikely to normalise by the end of May. Weak overseas demand would pose further challenges for Chinese corporates which are already hurting from a domestic slowdown. We reassess the fair values of our key stock picks under best/base/worst-case scenarios, and highlight the stocks that are resilient during the pandemic, namely Ausnutria, Mindray, SHKP, Weichai and Tencent.

UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong

Cement - 2019 round-up: Rock-solid results; expect another good year

Chinese cement companies posted solid results again in 2019 on resilient downstream demand and supply discipline among leading players. Anhui Conch and CR Cement further strengthened their net cash positions, backed by strong cash inflows. CNBM’s de-leveraging progress is on track. We believe the COVID-19 outbreak would hurt 1Q20 earnings, while further stimulus policies on infrastructure FAI would be a key catalyst supporting cement demand for the rest of 2020. Maintain OVERWEIGHT.

UOB
Johnny Yum Chung Man ...
  • Julia Cheung Pui Man
  • Katrina Chen Chucan
  • Ken Lee
  • Lee Yuk Kei
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Zhifeng Shen

Greater China Daily: Monday, August 26, 2019

KEY HIGHLIGHTS CHINA Results AAC Technologies (2018 HK/HOLD/HK$36.95/Target: HK$39.80) 2Q19: Big miss, awaiting a mild recovery in 2H19. Brilliance Auto (1114 HK/BUY/HK$7.71/Target: HK$9.50) 1H19: Beats our estimates; raise target price to HK$9.50. China National Building Material (3323 HK/BUY/HK$6.92/Target: HK$8.44) 1H19: Results in line, de-leveraging slower than expected. CR Gas (1193 HK/HOLD/HK$39.75/Target: HK$38.00) 1H19: Solid earnings growth, low gearing and healthy cash flow. China Shenhua Energy (1088 HK/BUY/HK$15.50/Target: HK$20.59) 1H19: Results in line; stays resilient a...

UOB
Charles Wong Kok Min ...
  • Joyce Chan Pui Lai
  • Julia Cheung Pui Man
  • Julia Pan Mengyao
  • Lee Yuk Kei

Greater China Daily: Thursday, July 18, 2019

KEY HIGHLIGHTS CHINA Sector Education Online K12 AST regulations have minimal impact on leading K12 AST players. Small/Mid Cap Highlights China Display Optoelectronics Technology (334 HK/HOLD/HK$0.57/Target: HK$0.65) Margin squeeze concern; processing agreement with parent company. TRADERS’ CORNER CNBM (3323 HK): Trading Buy Range Minth Group (425 HK): Trading Buy Range

UOB
Carol Dou Xiao Qin ...
  • Daisy Chen
  • Johnny Yum Chung Man
  • Joyce Chan Pui Lai
  • Julia Cheung Pui Man
  • Ken Lee
  • Lee Yuk Kei
  • Michael Cheung Ho Bun
  • Neo Chen Wentao
  • Robin Yuen
  • Sandra Huang Jieqiong

Greater China Daily: Tuesday, March, 26, 2019

KEY HIGHLIGHTS CHINA Initiate Coverage WuXi Biologics (Cayman) (2269 HK/BUY/HK$73.95/Target: HK$103.50) Leveraging the biologics boom. Results Chaowei Power (951 HK/SELL/HK$3.09/Target: HK$1.65) 2018: Earnings beat our estimate but misses consensus. China National Building Material (3323 HK/BUY/HK$5.98/Target: HK$8.44) 2018: In line with our expectations; strong momentum to sustain into 2019 China Shenhua Energy (1088 HK/BUY/HK$18.30/Target: HK$22.42) 2018: Results in line with expectation; guidance of a slower 2019. Great Wall Motor (2333 HK/SELL/HK$5.48/Target: HK$3.00) 2018: Cor...

UOB
Joyce Chan Pui Lai ...
  • Julia Pan Mengyao
  • Lee Yuk Kei
  • Robin Yuen
  • Shaun Tan
  • Zhifeng Shen

Greater China Daily: Wednesday, March, 6, 2019

KEY HIGHLIGHTS CHINA Sector Solar Darkness before dawn: upcoming favourable policies. Results Ctrip.com International (CTRP US/BUY/US$34.99/Target: US$40.00) 4Q18: Top- and bottom-line growth beat expectations; upgrade to BUY and raise target price to US$40.00. Update Xtep (1368 HK/HOLD/HK$5.27/Target: HK$5.10) Harnessing the power of established American brands. HONG KONG Results Wharf REIC (1997 HK/BUY/HK$54.55/Target: HK$61.95) 2018: Results in line; tough year to beat. Small/Mid Cap Highlights Plover Bay Technologies (1523 HK/NOT RATED/HK$1.44) Post-results NDR meeting take...

CHINA NATIONAL BLDG.MRA. with less fundamental stars is reduced to Neutral

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...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch