JHX has resided in MM’s Hitlist for a while, the business is highly leveraged to the US housing market which has struggled as interest rates have exploded on the upside but after halving in less than 12 months we believe the stock is now providing excellent value as plenty of bad news is already factored into the share price. – Most importantly August’s earnings report showed nothing which overly concerned us.
- We continue to like JHX in the low $30 region but would advocate keeping some ammunition in reserve to buy a dip to fresh 2022 lows.
MM is bullish JHX into current weakness
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