CNBM is cutting back on acquisitions to focus on deleveraging its balance sheet.
No-moat CNBM’s cumulative nine-month net profit of CNY 718 million, down 5% year over year, was within our expectations. Recurring operating margin for the first nine months under PRC GAAP dwindled slightly to 10.5% from 10.6% a year ago, as the expanding gross margin was offset by the higher selling and administrative costs. However, stripping out gains on fair value changes and nonoperating items, the firm would be nearly loss-making. After fine-tuning our valuation model, our fair value esti...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.
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