JPM | Industrial Strength Morning Messages:Happy Friday - good earnings continue, MOMO surges back

研报英文原文证据摘录

JPM | Industrial Strength Morning Messages:Happy Friday - good earnings continue, MOMO surges back

ndustrialization demand trends.

2. CRH Plc -2Q26 Conference Call Highlights- Adrian E Huerta hereReaffirmed FY26 EBITDA Guidance Supported by

Strong Infrastructure, Reindustrialization Activity, and Expanding Backlogs. Management reiterated FY26 adjusted

EBITDA guidance of $8.1-8.5bn and highlighted confidence in another year of margin expansion despite an inflationary

backdrop. The driver behind the reaffirmation was not the quarter itself but management’s continued positive view of

demand, supported by transportation infrastructure, water projects, manufacturing facilities, semiconductors, LNG projects,

and data center construction. Management described momentum exiting 2026 and entering 2027 as constructive, noting that

bidding activity, secured work, and backlogs remain above prior-year levels. The company continues to view infrastructure

and private reindustrialization as the primary demand engines across both the U.S. and Europe, while residential new

construction remains subdued. Management emphasized that favorable demand trends, strong commercial execution, and

pricing discipline support confidence in maintaining margin expansion through the balance of the year.

3. Prysmian - Post Q2 wrap - remains a core holding in the sector. Reiterate OW with €190 PT- Akash Gupta herePrysmian

reported solid Q2 results, posting a new quarterly record for EBITDA. We expect this new record to be broken in the next

quarter, which highlights the favorable cycle in all four businesses and underpins a compelling investment case. Driven by

electrification and datacenter growth, we continue to forecast superior above sector average earnings growth forecast (~18%