Cement prices continued to outperform last week, up 1.8% wow. Plastic pipe prices fluctuated between 0.12% to 1.70% wow, while glass futures prices were up slightly by 0.3% wow. All raw material prices increased last week. Building materials stocks under our coverage rose 4.37%, on average, mainly because of the outperformance of cement names, which increased by 4.37% wow, on average, outperforming the Hang Seng Index’s (HSI) increase of 1.5%. We believe that the progress of the CNBM [3323.HK]/Tianshan Cement [000877.CH] deal may continue to boost sentiment on cement names trading below book value, including CNBM, Asia Cement [0743.HK] and West China Cement [2233.HK].