Australia/New Zealand Building Materials: JHX preliminary 1QF27 view and August BMAT preview: Stay selective as recovery remains uneven

研报英文原文证据摘录

Australia/New Zealand Building Materials: JHX preliminary 1QF27 view and August BMAT preview: Stay selective as recovery remains uneven

J P M O R G A N Asia Pacific Equity Research

23 July 2026

Australia/New Zealand Building

Materials

JHX preliminary 1QFY27 view and August BMAT

preview: Stay selective as recovery remains uneven

Our most preferred BMAT names remain JHX (OW, pre-release discussed Australia

below) and RWC (OW). While US RNC remains weighed by Iran uncertainty, we

Australia Industrials

believe JHX’s exposure to larger homebuilders and RWC’s exposure to non-

discretionary R&R should see them outperform peers, while retaining upside to a Lee Power AC

broader US recovery. REH (N) and GWA (N) have low 2HFY26 result risk but (61-2) 9003-8725

lee.power@jpmorgan.com

we see lingering competition concerns across both markets for REH and unclear

Dylan Adrian

growth catalysts for GWA. We remain UW FBU despite greenshoots in the end- (61-2) 9003-7397

market data as we see a credible chance that a broad NZ recovery gets pushed out. dylan.adrian@jpmorgan.com

• JHX: 1QFY27 upgrade where positives outweigh the unknowns: Nick(61-4) Torelli6817-5219

Following FY26’s earnings rebase (concurrent with end-market softness), nick.torelli@jpmorgan.com

JHX has returned to a beat-and-raise mantra. We believe Siding & Trim’s J.P. Morgan Securities Australia Limited

(S&T) ~10% EBITDA beat is underpinned by early trim synergies, small share

gains/mix exposure to larger builders and pcp normalisation. We believe this

ensures the growth story is intact even if ~$17m of the 1Q EBITDA upgrade

remains unclear (likely a combination of APAC, EMEA, additional cost

synergies or tariff reimbursement). Given the uncertainty around Iran (and