2025-06-11-Jefferies-业绩的基石_15页_528kb

Market Overview:

The next week will be quiet in the building and construction sector, with only Berkeley expected to publish results.

• Key industry data releases include UK house prices, CPI, and GfK construction confidence; US NAHB housing market indices, build permits, and ABI; INSEE data in France; and Germany's build permits and PPI.

Key Events Calendar:

• June 16–17: Rightmove house price data, Gfk consumer confidence.
• June 20: UK CPI release (Mark Carney).
• June 23–24: Kingfisher AGM, Hornbach 1Q25 report, Ifo business climate in Germany.
• June 25–26: H.B. Fuller, Steico AGM (Gonzalo Ripoll).
• June 27: UK property transactions, French build permits.

Sector Coverage:

UK Housebuilders:

• Barratt, Redrow, Bellway, Berkeley, Crest Nicholson, Persimmon, Taylor Wimpey, Vistry, and Watkin Jones are key players.
• Recommendations include Buy, Hold, or Underperform, with average price targets reflecting market upside.

Irish Housebuilders:

• Glenveagh is particularly favored by analysts with a "Buy" rating.

Building Products Distributors:

• Howden Joinery, SIG, and Travis Perkins were featured, with Howden rated Hold.

Materials Companies:

• Companies like CRH, Geberit, and Holcim are central, supported by buy recommendations from Jefferies.

Analyst Recommendations/Valuations

CRH: Buy rating with 2025e P/E target of 20.1; strong outlook from IIJA funding.
Watkin Jones: Hold status, but showing significant price volatility.
Berkeley: Hold with 4% upside target but still facing market challenges.

Risk Summary:

The report highlights several risks including inventory constraints in the building materials sector for UK home builders, regulatory conflicts due to JFE's investment banking relationships with companies featured, and persistent concerns related to growth prospects in the building products industry.

🔄 Principal Developments:

• Company Updates: Berkeley is under review due to operational performance, while Watkin Jones faces regulatory risks tied to investment banking relationships.
• Market Dynamics: Analysts expect resilience in construction demand, driven by infrastructure investments and rising construction materials prices.

Disclosure Note:

Market data, evaluations, and recommendations are generated independently from the Jefferies platform. The content was last published on June 12, 2025, and reflects market conditions from that date. All company-specific investments carry certain financial and regulatory conflicts of interest as highlighted in the document.

Note: Key terms are highlighted, but formatting limits the display of traditional markdown syntax like bold and italic.