汇丰银行-全球-建材行业-全球水泥业_来自新兴市场过剩和环境风险的压力-2019.9-158页_6mb.pdf

Equities Global Building Materials 用户上传 更多免费报告请查看研报客 By: John Fraser-Andrews, Howard Lau, Brijesh Siya, September 2019 the Global Building Materials Team and the ESG Team S P O T L I G H T Global Cement Pressure from EM glut and environment risk EM ex-China capacity utilisation set to slip to new record low in 2019, sustaining cement prices below cost inflation and restraining the ROIC recovery of EM exposed companies Our ESG assessment identifies rising environment regulation costs as a significant risk, whereas social and governance profiles are benign and perpetuate industry longevity Our preferred picks are US infrastructure plays CRH and Buzzi among the global majors; CR Cement and Anhui Conch within our China coverage (all rated Buy); we have Reduce ratings for our coverage in Indonesia and most of India Play video with John Fraser-Andrews Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Equities ● Global Building Materials September 2019 用户上传 更多免费报告请查看研报客 THIS CONTENT MAY NOT BE DISTRIBUTED TO THE PEOPLES REPUBLIC OF CHINA (THE PRC) (EXCLUDING SPECIAL ADMINISTR