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

Analysts

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
Greater China Research Team

Strategy - Alpha Picks: Greater China April Conviction List

Mar 20 saw the sharpest tumble for both the Chinese and global equity markets in at least the last one year; April could still be challenging with the global spread of COVID-19 accelerating. We have turned more defensive with the elevated market volatility, adding PICC P&C, TAL and Tencent in the light of their resilient growth and lower-than-expected impact from the pandemic.

UOB
Ivy Xu Da ...
  • Joyce Chan Pui Lai
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Robin Yuen
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Ziv Ang Sze Champ

Greater China Daily: Wednesday, March 25, 2020

KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$53.65/Target: HK$75.00) 2019: Results in line; guidance is reassuring. China National Building Material (3323 HK/BUY/HK$7.50/Target: HK$10.80) 2019: Strong results, in line; de-leveraging on track. Ronshine China Holdings (3301 HK/BUY/HK$7.02/Target: HK$12.15) 2019: Better-than-expected sales. TRADERS’ CORNER Geely Auto (175 HK): Trading Buy Range China Taiping Insurance (966 HK): Trading Buy Range

UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong

China National Building Material - 2019: Strong results, in line; de-leveraging on track

2019 net profit grew 38.4% yoy to Rmb10.97b, in line with expectations. Revenue grew 16% yoy on strong improvements across all business segments. Dividend payout was raised to 26.9%, with dividend yield reaching about 5%. Net gearing reduction is on track and financing pressure should ease. We expect CNBM to be one of the key beneficiaries of infrastructure FAI pick-up and interest rate cuts. We raise our target price to HK$10.80 on higher earnings forecasts. Re-iterate BUY.

UOB
Desmond Chong Chee Wai ...
  • Ivy Xu Da
  • Keith Wee Teck Keong
  • Llelleythan Tan Tan
  • Lucas Teng Yao Yang
  • Malaysia Research Team
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Robin Yuen
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Thunya Sutavepramochanon
  • Vincent Khoo Boo Aik
  • Ziv Ang Sze Champ

Regional Morning Notes - Wednesday, March 25, 2020

GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$53.65/Target: HK$75.00): 2019: Results in line; guidance is reassuring. China National Building Material (3323 HK/BUY/HK$7.50/Target: HK$10.80): 2019: Strong results, in line; de-leveraging on track. Ronshine China Holdings (1238 HK/BUY/HK$7.02/Target: HK$12.15): 2019: Better-than-expected sales. MALAYSIA Sector Banking: BNM announces additional measures to help buffer downside risk to NPL. Maintain MARKET WEIGHT as growth will remain weak. Electronics Manufacturing Services: Soft earnings ahead but negatives overly priced in. Prefer VS as cur...

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 - 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
Greater China Research Team

Strategy - Alpha Picks: Greater China April Conviction List

Mar 20 saw the sharpest tumble for both the Chinese and global equity markets in at least the last one year; April could still be challenging with the global spread of COVID-19 accelerating. We have turned more defensive with the elevated market volatility, adding PICC P&C, TAL and Tencent in the light of their resilient growth and lower-than-expected impact from the pandemic.

UOB
Ivy Xu Da ...
  • Joyce Chan Pui Lai
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Robin Yuen
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Ziv Ang Sze Champ

Greater China Daily: Wednesday, March 25, 2020

KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$53.65/Target: HK$75.00) 2019: Results in line; guidance is reassuring. China National Building Material (3323 HK/BUY/HK$7.50/Target: HK$10.80) 2019: Strong results, in line; de-leveraging on track. Ronshine China Holdings (3301 HK/BUY/HK$7.02/Target: HK$12.15) 2019: Better-than-expected sales. TRADERS’ CORNER Geely Auto (175 HK): Trading Buy Range China Taiping Insurance (966 HK): Trading Buy Range

UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong

China National Building Material - 2019: Strong results, in line; de-leveraging on track

2019 net profit grew 38.4% yoy to Rmb10.97b, in line with expectations. Revenue grew 16% yoy on strong improvements across all business segments. Dividend payout was raised to 26.9%, with dividend yield reaching about 5%. Net gearing reduction is on track and financing pressure should ease. We expect CNBM to be one of the key beneficiaries of infrastructure FAI pick-up and interest rate cuts. We raise our target price to HK$10.80 on higher earnings forecasts. Re-iterate BUY.

UOB
Desmond Chong Chee Wai ...
  • Ivy Xu Da
  • Keith Wee Teck Keong
  • Llelleythan Tan Tan
  • Lucas Teng Yao Yang
  • Malaysia Research Team
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Robin Yuen
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Thunya Sutavepramochanon
  • Vincent Khoo Boo Aik
  • Ziv Ang Sze Champ

Regional Morning Notes - Wednesday, March 25, 2020

GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$53.65/Target: HK$75.00): 2019: Results in line; guidance is reassuring. China National Building Material (3323 HK/BUY/HK$7.50/Target: HK$10.80): 2019: Strong results, in line; de-leveraging on track. Ronshine China Holdings (1238 HK/BUY/HK$7.02/Target: HK$12.15): 2019: Better-than-expected sales. MALAYSIA Sector Banking: BNM announces additional measures to help buffer downside risk to NPL. Maintain MARKET WEIGHT as growth will remain weak. Electronics Manufacturing Services: Soft earnings ahead but negatives overly priced in. Prefer VS as cur...

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...

Bahari Hazim

China National Building Material Company Limited

Bahari Hazim

China National Building Material

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Bahari Hazim

China National Building Material

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Bahari Hazim

China National Building Material

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