Building stocks have been a tough place to be invested over the last fortnight with CSR Ltd (CSR), Boral Ltd (BLD) and now James Hardie Plc (JHX) all underperforming in an already weak market. JHX initially rallied on Wednesday following a broker upgrade by Morgan Stanley but the advance was short-lived with the stock dropping -5.5% yesterday. The company delivered a 36% lift in net profit for the FY22 to $US620mn but in a similar manner to NUF it wasn’t enough in today’s “glass half empty” market. It’s hard to catch this falling knife but after correcting 37% value is certainly being restored.
MM is neutral JHX
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