EMEA Building Materials & Infrastructure: Crowding Data

研报英文原文证据摘录

EMEA Building Materials & Infrastructure: Crowding Data

Building Material & Infrastructure crowding scores

• Building Material sector score has shown improvement in

Jul after declining for few consecutive months. In

Heavyside, Holcom noted a bullish trend in last week. In

Light side most stocks saw a decline in long position

except for Kingspan. Geberit and Sikka remain in

consensus long position.

• Housebuilders crowding score recovered at the start of Jul

after being down for last 2-3 months. The recovery is

noticeable across the stocks led by BWY. DIY segment

also saw bullish trend driven by Grafton.

• Infra Airport stocks continued its positive momentum led

by Fraport and ADP on m/m basis. However, we believe

that recent developments in Middle-East might see an

increase in short position again.

Long crowding Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 TTM

Heavyside 85% 82% 79% 80% 80% 80% 73% 73% 73% 71% 69% 69% 76%

Light Side 56% 61% 56% 53% 47% 47% 49% 39% 39% 38% 32% 28% 45%

Homebuilders 43% 47% 44% 45% 47% 52% 56% 38% 37% 31% 29% 34% 42%

Merchants/DIY 54% 47% 54% 63% 64% 70% 66% 55% 58% 50% 44% 50% 56%

Building Mateiral Average 59% 59% 58% 60% 60% 62% 61% 51% 52% 47% 43% 45% 55%

Infra Airport 52% 51% 61% 56% 56% 59% 66% 63% 62% 39% 46% 47% 55%

Short crowding Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 TTM

Heavyside 28% 31% 36% 38% 35% 39% 49% 53% 53% 55% 55% 53% 44%

Light Side 61% 60% 64% 68% 65% 70% 65% 79% 80% 80% 77% 78% 71%

Homebuilders 82% 79% 77% 73% 71% 65% 59% 77% 88% 90% 93% 90% 79%

Merchants/DIY 61% 68% 63% 65% 58% 54% 44% 51% 54% 68% 75% 72% 61%

Building Mateiral Average 58% 60% 60% 61% 57% 57% 54% 65% 69% 73% 75% 73% 64%