Research

Cement: Consolidation & Margin Expansion

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Algo Research Team

Industry | Jan 08, 2023 | Views: 44

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Key Summary:

  • Consolidation within the industry is happening quickly
  • 2023 should see margin expanding after 2022 bottom
  • Valuation is attractive, possible mean reversal

In a range-bound market, we believe having a non-consensus call is rewarding (although risks need to be addressed as well). For 2023, we think cement should be one of the sectors that outperform the market and is currently underappreciated by investors and consensus. 


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