09/11/2023 09:12

James Hardie Industries (JHX) $46.97

JHX soared +13.8% on Wednesday following strong guidance amid improving margins. The company said 3Q earnings were expected to come in at $US165-185m, a huge $US40m beat to consensus, and if this run rate can continue through the rest of the year, JHX could produce FY24 NPAT ~10% ahead of consensus expectations. Shareholders also enjoyed the new $US250m buyback.

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08/11/2023 16:38

James Hardie (JHX) $46.97

JHX +13.76%: the building products company posted an inline 2Q update today, though shares surged to 2-month highs on strong guidance. NPAT of $US179m was as expected, EBIT was a small miss at $US240m mostly on R&D and corporate costs but margins were strong thanks to successful cost control elsewhere.

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03/11/2023 09:16

James Hardie Plc (JHX) $40.87

JHX surged +4.3% on Thursday as it embraced the interest rate implications of Jerome Powell's speech, i.e. lower bond yields are a bullish tailwind for the construction industry. We believe the risk/reward toward JHX now is attractive following the stocks -21% correction assisted by the encouraging rhetoric from the Fed

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05/10/2023 09:04

James Hardie Plc (JHX) $38.90

JHX has rapidly corrected ¬20% from its August high as concerns grow that bond yields will weigh on economic strength into and through 2024, aka the oil price this morning. However, JHX delivered an excellent result in August that included a notable big beat on margins, suggesting the company is very well positioned moving forward, assuming we don’t see a painful recession.

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05/09/2023 09:00

James Hardie Plc (JHX) $46.72

JHX has surged over 80% from its December low with gains accelerating last month following an excellent 1Q24 result which notably saw a big beat on margins e.g. The North American business enjoyed >30% margins on volumes that were down ~9%. Hence when activity does pick up JHX is perfectly positioned to deliver for shareholders although by definition economic activity remains a variable into/through 2024.

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08/08/2023 16:50

James Hardie (JHX) $46.62

JHX +14.38%: Produced a material beat versus expectations at their 1Q24 result today exposing the many drivers they have across their business to cope with operational challenges.

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21/07/2023 09:10

James Hardie Plc (JHX) $40.58

JHX has been our preferred company to gain exposure to a domestic/US housing recovery but we took a healthy profit last month in line with our valuation concerns outlined previously. At this stage, we are comfortable (dangerous word!) being observers as the sector feels overcooked on the upside.

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22/06/2023 09:22

James Hardie Plc (JHX) $39.70

MM went long JHX in October targeting a recovery-style rally back up towards $40 in line with our view that the buildings products company offered deep value around $30 with investors becoming ultra-bearish towards construction-facing stocks.

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21/06/2023 09:37

Flagship Growth Portfolio – Amendment

We are making multiple changes to the Flagship Growth Portfolio.

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26/05/2023 09:18

Flagship Growth Portfolio – Amendments

MM is trimming JHX and increasing SFR

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