European Building Materials "Constructing Ideas" Radlinger

研报英文原文证据摘录

European Building Materials "Constructing Ideas" Radlinger

Global Research

8 June 2026ab

European Building Materials Equities

Europe including UKConstructing Ideas

Building Materials

Julian Radlinger, CFA

Debates (1): KSP, SIKA, HEI, HOLN, ROCKB Analyst

KSP was top of mind last week with the stock spiking on Tuesday (+6%) when mgmt julian.radlinger@ubs.com

was in Paris at a conference. Based on what we heard from investors present as well as +44-20-7901 6558

from the company itself when we caught up with them, there didn't seem to be much Patrick Rafaisz, CFA, FRM

new, but bullish messages about the datacenter runway and ADVNSYS were well Analyst

received, and the tone was positive on the rest of the business as well. We spoke with patrick.rafaisz@ubs.com

more bulls than bears thereafter but it was a healthy two-way debate, with many +41-44-239 90 66

wondering if mgmt will upgrade guide at Q2. Investor feedback on SIKA also continued Steven Fisher, CFA

to turn more +ve, but as we wrote last week, that may have been inevitable considering Analyst

the VERY -ve positioning in recent weeks (see crowding data at end of this report). The steven.fisher@ubs.com

level of incoming on HEI remained elevated with investors still perplexed or at least +1-212-713 8634

curious as to why shares have underperformed so much in recent weeks, and our sense Ayo Olukotun

is some investors may now be moving their feet, seeing an opportunity here. We have Associate Analyst

sympathy with that and also here point to a sharp decline in positioning based on ayo.olukotun@ubs.com

UBS data (in fact, HEI has not been this short-crowded since July 2023). Some investors +44-20-7567 0065

have also expressed discomfort with just how strong HOLN has performed relative, but