HSBC- 中國基礎建設&水泥業：
China Infrastructure Construction and Cement
Global Research
Stock prices are not reflecting the
potential for China’s pump-priming to lift
infrastructure demand and earnings...
…despite evidence that infrastructure
construction orders are already flowing
through to building material companies
Top picks: CRG (390.HK), Conch Cement
(914.HK), Taiwan Cement (1101.TW)
Not yet in the price
In this report, we aim to answer the commonly asked questions
about how China’s stimulus package will work, examining:
the 1998 experience and which sectors benefited;
the decision-making process this time and which sectors
are likely to benefit when; and
how the government money filters through.
The infrastructure construction and cement sectors are direct
beneficiaries of China’s fiscal pump-priming, yet the stock
market gains made since the stimulus package was released
have recently reversed. Hard evidence of a demand increase
is coming through and we recommend that investors
accumulate stocks in these two sectors.
扫码加好友，拉您进群
全部版块
我的主页
收藏
