J.P. 摩根-美股-建材行业-美国建筑材料行业投资策略分析-2019.3.21-242页.pdfVIP免费

www.jpmorganmarkets.comNorthAmericaEquityResearch21March2019EquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurEndDatePrevEndDateVulcanMaterialsVMCUS15,233.12115.35OW—135.00Dec-19——MartinMariettaMaterialsMLMUS12,324.46195.76OW—225.00Dec-19——EagleMaterialsEXPUS3,321.1671.77N—85.00Dec-19——SummitMaterialsSUMUS1,964.6017.07N—19.00Dec-19——Source:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof20Mar19.USConstructionMaterialsInitiatingCoverageofVMCandMLMwithOWonlargerAggregatesexposure;EXPandSUMatNAmericasConstructionMaterialsAdrianEHuertaAC*(52-81)8152-8720adrian.huerta@jpmorgan.comBloombergJPMAHUERTAFroylanMendez(52-55)5540-9482froylan.mendez@jpmchase.comJ.P.MorganCasadeBolsa,S.A.deC.V.,J.P.MorganGrupoFinanciero*Registered/qualifiedasaresearchanalystunderNYSE/FINRArules.Seepage237foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.WeareinitiatingcoverageoftheUSConstructionMaterialssectorwithOWratingsonVMCandMLMasweliketheirlargeaggregatesexposurethatismoreexposedtoinfraspending,whichisgrowingmorethanResandNon-Res.Theyarealsomoreexposedthanpeerstostateswithstrongergrowthfundamentals.WearealsoinitiatingcoverageofEXPandSUMwithNratingsastheyhavelowergrowthprofiles.Thesectorhasperformedwellthisyearat+17%onaverage(+4ppvsSPXand+5ppvsUSMSCIMaterials),excludingSUM,whichis+42%andistradingatitsaveragehistoricalEV/EBITDA.Thisreportincludesextensiveanalysisonprices,volumes,costsandmarginsbutalsoonmarketshareevolution,analysisonaperstatebasisanddetailedviewsontheResidential,Non-ResandInfrasectors.Bottom-upviewsWeseepricesandvolumesacceleratingthisyear.Onaggregatesvolumes,whilelastyearoursamplegrew3.1%(sameasforthein...