Building Materials - Cement prices outperformed glass and plastic pipe prices last week

■   The average cement price outperformed other sectors last week, increasing 2.8% wow. The futures glass price was stable last week; plastic pipe prices dropped 3.6% wow.

■   All raw material prices increased last week: crude oil recorded the highest increase, 4.27% wow, whereas coal and soda ash prices increased by about 1% wow.

■   Building materials stocks under our coverage increased by 8.19% wow, on average, outperforming the Hang Seng Index (HSI) increase of 1.9%. CNBM [3323.HK; ADD] was the best performer last week, thanks to the strong overall cement price and its positive cement outlook in 2H21. Most building material stocks, apart from Xinyi Glass [0868.HK; ADD], recorded an increase in their share price last week.