CSR v Brickworks (BKW)
You like CSR, but have you compared to BKW. Why do you prefer it and is there value in BKW at current levels
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Answer
You’re correct, we like CSR which is a play on housing / construction which is flying at the moment and BKW is exposed to the same thematic. The main difference being that CSR also have exposure to Aluminium which accounts for just shy of 30% of their earnings while BKW does not. We like the outlook for Aluminium and when we also consider liquidity between the two stocks, our preference remains CSR. Remember, Soul Patts (SOL) owns ~43% of BKW which reduces the number of shares that freely trade.
