JPM | Building Broadcast: AMRZ, CRH, BZU, FRA, FER JPMC Construction Daily

研报英文原文证据摘录

JPM | Building Broadcast: AMRZ, CRH, BZU, FRA, FER JPMC Construction Daily

nd, +1.6% in Northern Europe and +5%

in Iberia. Specific to the UK, Grafton note that following a weather impacted slow start

to the year, subdued construction activity was affected by rising cost inflation and weaker

consumer confidence linked to the conflict in the Middle East. On the outlook, following

completion of the Cygnum and Mercaluz acquisitions, which are expected to offset

weaker trading in Great Britain, full year adjusted operating profit is now expected to be

in the range of £190m - £200m vs. company consensus of £190.8m. Readacross for Travis

Perkins.

• Raw Materials Monthly April: Steel Up Modestly, Which Has Cont’d So Far in

May; Base Metals Mostly Up, Petchems Up Solidly. The J.P. Morgan US Building

Products Research team provide pricing trends across a variety of commodities in this

report as well as a historical perspective on how material costs have affected profitability.

The team note that following a modest rise in April, with hot-rolled and cold-rolled steel

up 3% and 2%, respectively, steel prices have risen modestly so far in May, with hot-rolled

and cold-rolled up 2% and 3% vs. April's average prices (cold-rolled, across our universe,

is mainly used for appliances). According to J.P. Morgan's Metals and Mining team,

pricing continues to trend higher on limited spot availability amid fewer imports along

with better than expected demand, with projects moving off the sidelines given greater

certainty around Section 232 tariff durability, pockets of strength (energy/DCs) and

industrial markets emerging out of contraction range the past few years. Additionally,

hot-rolled prices are up 20% on a YOY basis so far in May, while cold-rolled prices are

up 12%.