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Saint Gobain

Despite a significant historical industrial bias, SGO is increasingly focused on construction-related firms, but is well balanced across new construction and renovation. Its strong diversification is a key credit strength, with a good balance of end-use markets: new residential construction 21%, new non-residential construction 12%, renovation 43%, infrastructure 8%, automotive 8% and other industries 8%. SGO is also well balanced by business sector, with 37% of FY17 Operating Income generated by the Construction Products division (of which 21% Interior Solutions, 16% Exterior Solutions), 21% by Buildings Distribution and 42% by Innovative Materials (of which 19% Flat Glass, 23% High Performance Materials). In geographic terms, SGO's exposure is predominantly to the Developed Markets despite the strongest sales growth coming from Asia and Emerging countries in 2017. France represented 25% of consolidated 2017 revenues, Other Western Europe (41%), and North America (13%). The proportion of revenues from Asia and the Emerging Markets (21%) increased from 19% in 2016. (08 May 2018)

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2018 Euro IG Conference: Basic Industries

Transcript: 11 Dec 2018, 9:03 PM ET - In this article, we transcribe our presentation on European Basics from CreditSights' recent European Investment Grade / Crossover Conference

Indonesia Property: 2019 Outlook

Sector Outlook: 04 Dec 2018, 5:19 AM ET - We take a look at the key drivers that would shape the course of Indonesian property heading into 2019. We provide the credit outlook for Indonesian property for 2019 and the recommendations for the individual companies.

Foshan Trip Notes October 2018: Spillover Demand

Site Visits: 25 Nov 2018, 11:57 PM ET - Compared to the other Tier-1 cities we visited, the housing and credit policies in Foshan were far more relaxed.  It is no wonder that some non-natives in Guangzhou have chosen to buy homes in Foshan instead. 

CRH: A Defensive Pick in Turbulent Times

Earnings Note: 21 Nov 2018, 9:22 PM ET - CRH reported solid 9M18 trading and is predicting leverage to return to its low two times corridor by year end (after the spate of 2018 acquisitions).

Shenzhen Trip Notes October 2018: Too Expensive!

Site Visits: 21 Nov 2018, 5:01 AM ET - Shenzhen homes are extremely expensive.  The LTM Cost/Income multiple as of September 2018 was 43.2x (National average: 9.9x), indicating that new homes in Shenzhen are significantly less affordable than most places in China.

China Property Sector: PBOC’s Take On Sector

Sector Analysis: 09 Nov 2018, 3:12 AM ET - Is the China property sector risky in the eyes of the People's Bank of China ("PBOC")?

China Property Navigator 3Q18: Macros in Pictures

China Property Navigator: 12 Oct 2018, 4:04 AM ET - This report marks the end of our China Property Navigator 3Q18 series. Developers appear to be shifting their land bank expansion focus to out of China's top 40 cities.

China Property Navigator 3Q18: Bond Supply

China Property Navigator: 11 Oct 2018, 3:23 AM ET - This report is part 4 of our 5-part 3Q18 China Property Navigator. The domestic public corporate bond market seems to be re-opening quietly. Supply risk from the China property sector is also expected to moderate in 4Q18.

China Property Navigator 3Q18: Relative Ranking

China Property Navigator: 10 Oct 2018, 12:38 AM ET - This is the 3rd part of our 5-part 3Q18 China Property Navigator. We ranked the 13 Chinese developers under our full coverage and upgraded our recommendations on a number of bond issues.

China Property Navigator 3Q18: 1H18 Results Wrap

China Property Navigator: 09 Oct 2018, 3:54 AM ET - We summarize the LTM to 1H18 results of the Chinese developers under our coverage in this report and highlight broad trends in 1H18. This report is the 2nd part of a 5-part series.

China Property Navigator 3Q18: Housing Policies

China Property Navigator: 08 Oct 2018, 1:55 AM ET - Local governments continued fine-tuning existing housing policies for their respective cities in 3Q18. Tighter resale restrictions and HPRs were rolled out even at the county-level.

HK/SG Conference 2018: Indo vs. Chinese Developers

Transcript: 31 Jul 2018, 10:58 PM ET - Indonesian versus Chinese Developers: Where is the value?

Big Homebuilders: Going to the Source

Sector Analysis: 27 Jul 2018, 4:49 AM ET - With crosscurrents in the headlines around prices, mortgage rates, changing regional demand, and shifting product growth expectations, it still comes down to builder strategies on price and costs, profit margins, and inventory management. 

China Property Navigator 2Q18: Liquidity Crunch?

China Property Navigator: 04 Jul 2018, 5:01 AM ET - Will Chinese developers face a liquidity crunch, on the back of rising average cost of debt and the recent NDRC rule on limiting offshore bond proceeds?
Focused

Saint Gobain: Finally, a resolution on Sika

Worth Watching: 11 May 2018, 11:44 AM ET - Saint Gobain (BBB/Baa2/BBB) issued a press release this morning to inform the markets that an agreement has been reached to end the long-lasting Sika takeover saga (Saint Gobain Spotlight: M&A Watch & Funding Update). The company also held a C ..

China Property Navigator 1Q18: FY17 Rankings

China Property Navigator: 29 Apr 2018, 10:54 PM ET - This is the 4th part of our 5-part 1Q18 China Property Navigator. We rank the 13 developers we cover. Longfor Properties topped the charts again in our relative ranking approach, while Greentown was ranked last. 

China Property Navigator 1Q18: FY17 Results Wrap

China Property Navigator: 29 Apr 2018, 9:20 PM ET - The key FY17 credit metrics of the Chinese high yield developers under our full coverage improved year-on-year, in general. This is the third part of our 5-part 1Q18 China Property Navigator. 

China Property Navigator 1Q18: Bond Supply

China Property Navigator: 27 Apr 2018, 5:26 AM ET - This report is part 2 of our 5-part 1Q18 China Property Navigator. Total offshore and onshore bond supply from Chinese high yield developers exceeded the aggregated refinancing needs in 1Q18.
Focused

Saint Gobain: Pass on New 8-Year Bond

IG Note: 13 Mar 2018, 6:58 AM ET - We would pass on the new SGO €500 mn eight year deal. 
Focused

CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

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