2025-06-09-Jefferies-本周图表_CRH_-_IIJA资金应继续支撑需求_8页_185kb

CRH IIJA Funding Analysis for Demand in Roads and Highways

CRH is positioned to benefit from ongoing IIJA funding due to highways and infrastructure allocation.

Regarding the allocation data, IIJA funding for highways shows that only about 35% has been spent, highlighting a tailwind in demand.

IIJA Implications

• USD 384bn IIJA funds suggest faster investment projections.
• Continued IIJA focus will drive demand in materials and infrastructure construction.

Housebuilder Ratings

• Buy: Barratt, Redrow, Bellway, Crest Nicholson, Glenveagh, Persimmon, Taylor Wimpey, Vistry, Watkin Jones.
• Hold: Berkeley Group, Travis Perkins, Heidelberg Materials, Holcim, Kingspan, Rott, etc.
• Sell-side dynamics driven by IIJA and distributable capital.