Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

Thematic (Sector/Industry)

Zimbabwe Construction materials / Thematic (Sector/Industry)

<ul>
<li>Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.</li>
<li>India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.</li>
<li>Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.</li>
</ul>


Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.
India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.
Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.


From Benchmark To Growth: What Cement Demand May Be Telling Investors