■ The average price of plastic pipe outperformed other sectors last week, with PVC
increasing 8.6% wow. Cement prices increased 5.0% wow, and the futures glass price
was down 4.1% wow last week.
■ Raw material prices were mixed last week: soda ash recorded the highest increase,
up 9.65% wow, crude oil prices increased by 4.79% wow, and coal prices were flat
■ Building materials stocks under our coverage decreased by 8.51% wow, on average,
underperforming the Hang Seng Index (HSI) increase of 1.59%. The share prices of
companies in the cement sector slightly underperformed the average of building
materials stocks, mainly because of the ongoing electricity restrictions and high coal
prices. China Lesso [2128.HK; ADD] was the best performer last week, while Conch
Cement-A [600585.CH; ADD] was a laggard.