BofAS Cuts China Resources Building Materials Tech TP to HKD1.2; 1Q26 Net Loss In Line
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BofAS has downgraded China Resources Building Materials Tech's target price to HKD1.2 following a reported net loss of RMB188 million in 1Q26, aligning with previous guidance. Despite a 7.1% drop in nationwide demand, sales volume increased by 3.6% YoY. However, average gross profit per tonne fell from RMB42 to RMB26. BofAS has reduced its earnings forecasts for 2026 and 2027 by 32% and 27%, respectively, maintaining an Underperform rating due to valuation concerns and lack of catalysts.
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