M Stanley: CNBM New Materials Business Becomes Key Support; Rated Overweight
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M Stanley has rated CNBMas Overweight, citing its new materials business as a key support. The company reported a net loss of RMB177 million in 1Q26, an improvement from RMB517 million in 1Q25, attributed to higher glass fiber prices and sales growth in electronic fiber and battery separators. However, basic building materials face challenges due to declining sales and profits. The broker expects continued growth in the new materials sector and has set a target price of HKD7.3 for CNBM.
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