DB 德银：中国建材行业研究报告（12P）

17 April 2007 12页

China Building Materials

Reuters: 3323.HK Bloomberg: 3323 HK Exchange: HSI Ticker: 3323

Reiterating Buy on construction momentum

Stronger earnings growth; reiterate Buy
We expect strong construction materials pricing outlook combined with CNBM's
rapid capacity expansion to drive its earnings growth at a CAGR of 53% from
2007F to 2009F. Due to a sharp recovery in cement price and higher production
targets, we have revised up our earnings estimates for CNBM by 7% in FY07 and
21% in FY08. Hence, we raised our TP by 18% to HK$9.3, implying a total return
of 20%. Reiterate Buy.