Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

<ul><li>The Cement Industry is an essential activity with an attractive growth perspective since cement is one of the most relevant commodities worldwide, especially for emerging economies.</li><li>Cement companies such as CEMEX and GCC are well positioned to continue capturing the potential growth in their markets through differentiated products and clear targets to reduce CO2 emissions.</li><li> Although we expect 2Q24 quarterly results to be weaker, with total EBITDA +1% YoY, any weakness in results is more than priced in at current prices, in our view.</li></ul>

The Cement Industry is an essential activity with an attractive growth perspective since cement is one of the most relevant commodities worldwide, especially for emerging economies.Cement companies such as CEMEX and GCC are well positioned to continue capturing the potential growth in their markets through differentiated products and clear targets to reduce CO2 emissions. Although we expect 2Q24 quarterly results to be weaker, with total EBITDA +1% YoY, any weakness in results is more than priced in at current prices, in our view.

Actinver Research - Cement Sector: Attractive Valuations Strengthened Potential Returns (Sector Update)

<ul>
<li>GCC (Outperform): posted positive results, which are above our estimates.</li>
<li>Higher prices in cement and ready-mix supported solid results.</li>
<li>Consolidated EBITDA increased +32% YoY, while the EBITDA margin reached 30.4% (+4.6 pp. YoY).</li>
</ul>


GCC (Outperform): posted positive results, which are above our estimates.
Higher prices in cement and ready-mix supported solid results.
Consolidated EBITDA increased +32% YoY, while the EBITDA margin reached 30.4% (+4.6 pp. YoY).


GCC (Outperform): Results 1Q24; Positive Q-Report Beating Our Estimates

Mexico

Alpek SAB de CV is a holding company with interests in the petrochemical, plastics, and synthetic fiber industries.  The Company produces polyester filament, nylon, lycra, caprolactam ammonium sulphate, polypropylene, DMT/PTA, glycol, solvents, polystyrene, and urethanes.

Fresnillo plc is a silver and gold mining and exploration company.  The Company owns and operates silver and gold mines in Mexico.  Fresnillo also holds a portfolio of development and exploration projects located along the silver and gold belts of Mexico.

Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Grupo Mexico SAB de CV mines, processes, and markets copper, silver, gold, molybdenum, lead, and zinc.  The Company holds concessions to operate the Pacifico-Norte and Chihuahua-Pacifico Railroad lines.  Grupo Mexico, through subsidiaries, operates open-pit copper mines, underground mines, a coal mine, copper smelters, a rod mill facility, and a precious metals refinery.

China National Building Material Company Limited manufactures cement products. The Company produces silica cements, commodity concretes, cement clinkers, and other products. China National Building Material also produces glass fibers, composite materials, and other products.

China National Building Material (3323 HK)

Brickworks Limited manufactures and distributes clay products including brick, paver and floor tile products.  The Company also has investment interests in unlisted and listed companies along with property development activities.

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

Gansu Qilianshan Cement Group Co.,Ltd manufactures cement products. The Company produces portland cements, low alkali cements, sulphate resistant cements, cement clinkers, and other products. Gansu Qilianshan Cement Group also produces cement equipment.

Century Textiles and Industries Ltd. manufactures cement, cotton textiles and cotton yarn. The Company manufactures denim, shirts, suits, fabrics and dress materials, bed linens, home furnishings, viscose filament yarn, viscose tire yarn, caustic soda, sulphuric acid, liquid chlorine, hydrochloric acid, writing and printing papers, packaging board, and rayon and wood-based pulp.

Ssangyong Cement Industrial Co., Ltd. produces cement and ready-mixed concrete. The Company also manufactures fine ceramics for industrial uses and ferrite magnets for components used in audio equipment.  In addition, Ssangyong Cement Industrial develops housing, plant engineering, environmental resources, and leisure businesses.

United States Lime & Minerals, Inc. supplies lime and limestone products to the steel, paper, agriculture, environmental protection, and construction industries.  The Company operates plants in Texas and Arkansas.

CSR Limited manufactures and supplies buildings products. The Company's products include plasterboard, insulation, glass, fibre cement, bricks and rooftiles used in residential and commercial construction.

TAIHEIYO CEMENT CORPORATION manufactures cement and industrial materials such as limestone.  The Company also operates real estate, waste management (zero emission promotion), and transportation businesses. Taiheiyo Cement operates in Japan, China, and the United States.

Imerys SA processes minerals and manufactures and sells building materials worldwide.  The Company produces pigments and additives such as kaolin, ground calcium carbonate, and precipitated calcium carbonate, clay roofing tiles, chimney blocks, bricks, and natural slate, ceramic materials used in tableware, tiles, and sanitary ware, and minerals for refractories.

GCC, S.A.B. de C.V. operates as a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and other building materials for the construction industries. GCC serves customers worldwide.

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GCC SAB de CV (GCC* MM EQUITY)

Actinver Research - Cement Sector: Attractive Valuations Strengthened Potential Returns (Sector Update)

The Cement Industry is an essential activity with an attractive growth perspective since cement is one of the most relevant commodities worldwide,...

Actinver

GCC (Outperform): Results 1Q24; Positive Q-Report Beating Our Estimates

GCC (Outperform): posted positive results, which are above our estimates. Higher prices in cement and ready-mix supported solid...

Actinver

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