Previously Strongly Called 'Overseas Duo' Huaxin Building Materials A/H, Keda Manufacturing Surged

English summary

# Strong results: Huaxin 26H1 net profit attributable 1.65-1.76 billion yuan, +50%-60% YoY; Keda 26H1 net profit attributable 1.26-1.36 billion yuan, +69.1%-82.5% YoY. # Overseas (especially Africa) high prosperity: due to steady demand increase and stable supply, high concentration. # Survivorship bias, overseas business requires core competitiveness: advantage from years of accumulation (Huaxin went overseas 2013, Keda building materials business 2015) and resource empowerment (Huaxin major shareholder Holcim, Keda major shareholder Sunda Group). # Huaxin Building Materials: overseas cement volume and price both increase, strong growth & excellent management; domestic aggregate volume increase price stable; cement business bottom has appeared. # Keda Manufacturing: overseas tiles/glass volume and price both increase, continued expansion; lithium carbonate price high, Blueco Lithium contributes investment income increment; ceramic machinery + anode materials stable with increase.