JPM | Industrial Strength Morning Messages: Building Materials - Warming up to (Mr) Lightside, RNO/BYD, Sandvik preview

研报英文原文证据摘录

JPM | Industrial Strength Morning Messages: Building Materials - Warming up to (Mr) Lightside, RNO/BYD, Sandvik preview

Specialist Sales J P M O R G A N

07 July 2026

JPM | Industrial Strength Morning Messages: Building Materials -

Warming up to (Mr) Lightside, RNO/BYD, Sandvik preview

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

In Focus Today

• Good Morning. Rotations fears are likely to the fore this morning with Samsung shares under pressure despite a significant

beat and raise. We saw weakness across the Cap Goods sector yesterday with Cable stocks taking the brunt of the pressure. A

downgrade of ENR away from us this morning is unlikely to help sentiment in the near term. That said, in the near term the

outlook for earnings season, which kicks off for us in earnest next week with ABB and Atlas Copco on Thursday is likely to

be generally positive. Atlas Copco, for me, remains one of the stocks that can positively surprise due to no pre-close

communication, a less disadvantageous FX rate, a low bar set by management in Q1, strong VT momentum and, perhaps most

importantly, Compressor Technique seeing an improvement in demand. Sandvik also has the potential to surprise

positively - and Chit has a preview out this morning (see below for details) - with perhaps the key message being ‘JPMe

versus Consensus. For the Q2, our orders, sales and adj. EBITA are +4%, +6% and 10% above the standing (Infront)

consensus. For 2026/2027/2028, our adj. EBITA forecasts are 8%/2%/3% above the standing consensus’.

• EUROPEAN BUILDING MATERIALS: Please forgive the Killers reference in the title - the sun must be getting to me -

but there are 2 note out from Elodie and the team this morning. Both are below. The first is our monthly ‘Construction Pulse’