GlobalEquityResearch09December2019GlobalCementInsights2019Edition-OutlookandJPMProprietaryCementSupplyDatabaseGlobalBuilding&ConstructionElodieRallAC(44-20)7134-5911elodie.rall@jpmorgan.comJ.P.MorganSecuritiesplcRajeshPatkiAC(44-20)7742-5874rajesh.patki@jpmorgan.comJ.P.MorganSecuritiesplcAdrianEHuertaAC*(52-81)8152-8720adrian.huerta@jpmorgan.comJ.P.MorganCasadeBolsa,S.A.deC.V.,J.P.MorganGrupoFinancieroBrookCampbell-Crawford,CFAAC(61-2)90036101brook.campbell-crawford@jpmorgan.comJ.P.MorganSecuritiesAustraliaLimitedGunjanPrithyaniAC(91-22)6157-3593gunjan.x.prithyani@jpmorgan.comJ.P.MorganIndiaPrivateLimitedJeanetteYutanAC(63-2)8878-1188jeanette.g.yutan@jpmorgan.comJ.P.MorganSecuritiesPhilippines,Inc.IndraCahya,CFAAC(62-21)5291-8575indra.cahya@jpmorgan.comPTJ.P.MorganSekuritasIndonesiaSumedhSamant,CFAAC(66-2)6842682sumedh.y.samant@jpmorgan.comJPMorganSecurities(Thailand)LimitedPoWeiAC(852)28008537po.wei@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)Limited*Registered/qualifiedasaresearchanalystunderNYSE/FINRArules.Seepage206foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.www.jpmorganmarkets.comWepresentthe2019editionofJ.P.Morgan'sin-depthcementindustryanalysiswhichprovidesacomprehensiveoutlookforeachregionusingabottom-upapproachfromourregionalanalysts.WealsoupdateourJPMproprietarycementsupplydatabaseandrankindividualregionsandmarketsonmarginattractivenessfromasupplyperspective.Withtheglobalcementsectortradingon7.8x2020EEV/EBITDA,wepresentourfourmostpreferredcementstocksamongthosecoveredbyJ.P.MorganGlobalCementResearchTeam.Globaldemand(ex-China)expectedtogrowat3%p.a.over2020-21.Weexpectglobalcementdemandtogrow1%over2020-21withstabletrendinChinaand+3%growthinrestofthema...
