In today’s briefing:
- China National Building Material (3323 HK): Buyback Getting Even More Convincing
China National Building Material (3323 HK): Buyback Getting Even More Convincing
- The prices of the construction materials stocks collapsed recently, with China National Building Material (3323 HK) holding firm, thanks to the buyback proposal.
- A sustained drop in cement prices and continued weakness in fixed asset investment revealed the challenging demand environment, making CNBM’s offer attractive.
- The buyback price equals 25.7x and 10.8x PERs for FY24F and FY25F, representing a hefty premium over peers. We continue to believe this is a good exit opportunity.
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