Core Viewpoint - Cementos Pacasmayo S.A.A. announced its consolidated financial results for the fourth quarter and the year ended December 31, 2025, highlighting its performance in the Peruvian construction industry [1]. Financial Highlights - The results are prepared in accordance with International Financial Reporting Standards (IFRS) and are stated in Soles (S/) [1]. - Specific financial metrics for 4Q25 and the year 2025 were not detailed in the provided text, but the announcement indicates a focus on operational performance within the cement sector [1].

Cement stocks extended recent declines on speculation the EU will delay tightening its carbon controls, reducing the pricing power of firms that have transitioned toward greener practices https://t.co/ch9cHppGkm ...

Market Overview - Benchmark equity indices Sensex and Nifty extended gains for the second consecutive session, driven by optimism over the India-US trade deal and strong buying in public sector banks, consumer durables, and realty stocks [3][10] - The 30-share BSE Sensex increased by 485.35 points, or 0.58%, closing at 84,065.75, while the NSE Nifty rose by 173.60 points, or 0.68%, settling at 25,867.30 [3][7] Sector Performance - Key sectors attracting investor interest included cement, capital goods, textiles, and consumer discretionary, supported by favorable trade deals and union budget proposals [11] - Public sector banks showed stronger-than-expected performance, contributing to the outperformance of the PSU bank index [10] Stock Performance - Notable gainers included State Bank of India, Titan, UltraTech Cement, Tata Steel, and Kotak Mahindra Bank, while laggards comprised PowerGrid, NTPC, and Infosys [4][9] - The benchmark index reached an intraday high of 84,314.68, reflecting a surge of 734.28 points, or 0.87% during the session [6] Foreign Investment - Foreign institutional investors (FIIs) purchased equities worth ₹1,950.77 crore, indicating a return of foreign capital to the market [12]

Financial Data and Key Metrics Changes - In 2025, the company achieved a free cash flow from operations of $1.4 billion, with a conversion rate of 46% after adjusting for one-off items [5][9] - Net income increased by 2% for the full year, but adjusting for a goodwill impairment of $538 million, net income would have risen by 41% to $1.5 billion [10][30] - EBITDA for the fourth quarter increased by 20% year-over-year, with a significant margin expansion of 5 percentage points [16] Business Line Data and Key Metrics Changes - Consolidated cement volumes grew by 1% and aggregates volumes increased by 2% in the fourth quarter [10] - The aggregates business contributed 39% to U.S. EBITDA, highlighting its importance in the overall portfolio [20] - The Urbanization Solutions portfolio saw higher EBITDA in the admixtures business in EMEA, partially offsetting soft performance in Mexico and the U.S. [12] Market Data and Key Metrics Changes - In Mexico, average daily cement sales increased by 8% sequentially, marking a recovery trend [16] - EMEA region reported record EBITDA and EBITDA margins in 2025, driven by higher volumes and prices [23] - In the U.S., cement prices were slightly softer due to competitive dynamics, but a 10% price increase was announced for 2026 [19][22] Company Strategy and Development Direction - The company is focused on a multi-year strategic plan, including cost efficiency measures under Project Cutting Edge, aiming for $400 million in recurring savings by 2027 [4][13] - There is a clear focus on portfolio rebalancing, with divestments in non-core markets and investments in targeted U.S. businesses [5][6] - The company aims to enhance shareholder returns through increased dividends and share buybacks, proposing a 40% increase in annual cash dividends [6][32] Management's Comments on Operating Environment and Future Outlook - Management expects a more favorable demand environment in 2026, particularly in Mexico and EMEA, with anticipated high single-digit EBITDA growth [35] - The company is optimistic about the recovery in construction activity and infrastructure projects, which are expected to drive demand [17][21] - Management highlighted the importance of operational excellence and cost control as key drivers for future performance [37] Other Important Information - The company achieved a 2% reduction in consolidated gross CO2 emissions in 2025, with significant progress in decarbonization efforts [6][25] - The company plans to activate a share buyback program of up to $500 million over the next three years, subject to shareholder approval [6][32] Q&A Session Summary Question: Impact of potential EU ETS target changes on pricing and profitability - Management indicated that potential changes in EU ETS targets would not significantly alter pricing strategies, maintaining mid-single digit price increase targets for 2026 and beyond [39][40] Question: Clarification on high single-digit EBITDA growth guidance - Management expressed confidence in the guidance, highlighting more upside than downside risks, particularly from currency fluctuations and ongoing cost savings initiatives [46][47] Question: Plans for refinancing and capital structure - Management outlined plans to use free cash flow for debt reduction while prioritizing shareholder returns and growth through M&A [60][62] Question: Expectations for divestments and reinvestments in U.S. aggregates - Management confirmed ongoing divestments with plans to reinvest proceeds in the U.S. aggregates market, focusing on accretive acquisitions [81][83] Question: Progress on social housing projects in Mexico - Management noted improvements in cement sales due to new social housing projects and infrastructure initiatives, contributing positively to volume guidance [86]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report 2. Core Viewpoints - The report analyzes the fixed - income market, including bond price movements, new issuances, and macro - economic factors. It also provides insights into the China economy based on PMI data and anticipates policy stimulus and GDP growth trends [2][3][13] - West China Cement's tender offer and new bond issuance are considered to lower its near - term refinancing risk, and the report maintains a buy rating on WESCHI 9.9 12/04/28 [7][8] 3. Summary by Relevant Catalogs Trading Desk Comments - Last Friday, financial FRNs traded 1bp wider. In HK, NWDEVL/VDNWDL complex surged 0.5 - 3.0pts. FAEACO 12.814 Perp rose 1.5pts. SHUION 26 - 29 edged 0.2 - 0.6pt higher. SUNHKC 26 was 0.1pt lower and SUNHKC 29 was 0.3pt higher. TW lifers were 2 - 4bps wider. Long - end MEITUA/KUAISH widened 2 - 3bps. EHICAR 26 was down by 0.6pt. WESCHI 26 - 28 were 0.1pt higher. In Chinese properties, VNKRLEs rose 1.8 - 2.7pts. FUTLAN 28 edged 1.1pts higher. LNGFOR 27 - 32 were 0.2pt lower to 0.2pt higher. In SE Asian space, OCBCSP/UOBSP traded 1 - 2bps wider. IHFLIN 27 - 30/TOPTB 6.1 Perp were unchanged to 0.1pt lower. VLLPM 27 - 29 rose 1.0 - 1.3pts. GLPSP Perps were up by 0.5 - 0.9pt. JP insurance subs like RESLIF 6.875 Perp leaked by 0.1pt. NTT 35/MUFG35 - 36 were 1 - 3bps wider. Yankee AT1s were 0.3pt weaker. In the Middle East, ARAMCO 30 - 56s/SECO 29 - 36s widened 1 - 4bps. Long - end KSAs were down 0.1 - 0.5pt. LGFV space was stable [2] - This morning, HYNMTR FRNs were 1 - 2bps tighter. KUAISH slightly recovered to 1bp tighter. ZHOSHK 28 spread was unchanged. FAEACO 12.814 Perp/VNKRLE 27 were 1.0 - 1.2pts lower. NDPAPE 14 Perp was 0.3pt higher. WESCHI 26 - 28 were 0.4 - 1.0pt higher [3] Marco News Recap - Last Friday, S&P (- 0.43%), Dow (- 0.36%) and Nasdaq (- 0.94%) were lower. Trump nominated Kevin Warsh to lead Federal Reserve. US Dec'25 PPI was +0.5% mom, higher than the market expectation of +0.2%. 2/5 - year UST yield was higher while 10/30 - year UST yield was lower. 2/5/10/30 - year yield was at 3.52%/3.79%/4.26%/4.87% [6] Desk Analyst Comments - West China Cement (Weschi) launched a tender offer for its USD200mn WESCHI 4.95 07/08/26 at a tender price of 101.238, equivalent to the bond's call price. The offer expires on 6 Feb'26 5pm CET. Weschi plans to redeem WESCHI 26 in full on 6 Mar'26 at 101.238 [7] - Concurrently, Weschi will issue USD300mn WESCHI 10.5 11/11/29 (-/B/B). Net proceeds will be used to refinance existing debts, including funding the tender offer and early redemption for WESCHI 4.95 07/08/26. The report maintains a buy on WESCHI 9.9 12/04/28 for its good carry, with WESCHI 28 trading at YTM of 9.8% at 100.3, up c2pts YTD. Weschi's earnings improved in 1H25, and near - term refinancing risk is viewed as lower [8] China Economy - China's manufacturing PMI retreated in January after a December rebound. Demand softened as new orders slipped back into contraction and export orders weakened again. Deflation pressure continued to ease, with raw material purchase and ex - factory prices both expanding, indicating PPI may return to positive sooner. Service PMI remained in contraction while construction PMI fell back, signaling pressure to stabilize fixed asset investment. Policy stimulus around CNY is expected, including stabilizing the property market and stimulating consumption. A 50bp cut in RRR and a 10bp cut in LPR in 1Q26 are expected, followed by an additional 10bp LPR cut in 3Q26. The broad fiscal deficit should remain almost flat at 8.5% in 2026, and the full - year GDP growth rate may decline from 5% in 2025 to 4.6% in 2026 [12][13] - Manufacturing PMI fell to 49.3% in January from 50.1% in December, with new order index declining to 49.2% from 50.8% and new export orders falling to 47.8% from 49.0%. Production eased but stayed in expansion at 50.6% in Jan. Deflation pressure continued to ease as raw material purchase prices stayed elevated and ex - factory prices improved. Import demand stayed weak, and inventory indicators remained subdued [14] - Non - manufacturing PMI softened in January. Service PMI edged down to 49.5% from 49.7%, with activity expectations improving. Service selling prices improved, while employment remained subdued. Construction fell to 48.8% in January, with new orders weakening and business expectations easing, indicating pressure on fixed asset investment [15] Offshore Asia New Issues Priced | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | ADM Elektrik | 500 | 5NC2 | 9.5% | 9.5% | B2/-/BB | | Tsetsen Mining and Energy | 300 | 5yr | 11.375% | 11.5% | Unrated | | West China Cement | 300 | 3.75yr | 10.5% | 10.5% | -/B/B | [18] Pipeline | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | CMBC International Funding (HK) | USD | - | 3yr | SOFR + 115 | -/-/BBB | | New Development Bank | USD | - | 3yr | SOFR MS + 55 | Unrated | [19] News and Market Color - Last Friday, 81 credit bonds were issued onshore with an amount of RMB45bn. In Jan'26, 1,999 credit bonds were issued with a total amount of RMB1,691bn, a 16.2% yoy increase [20] - China is considering selling special government bonds of RMB200bn (cUSD29bn) to recapitalize some insurers and injecting RMB300bn into ICBC and ABC [20] - Macau gaming revenue for Jan'26 rose 24% yoy to MOP22.6bn (cUSD2.8bn) [20] - Indonesia is reforming its equity markets after the Jakarta Composite Index plunged by up to 16.5% [20] - Adani Green's directors plan to seek dismissal in US SEC lawsuit [20] - Azure Power Energy delayed the planned early redemption of AZUPOE 3.575 08/19/26 of USD294.184mn to 13 Feb'26 from 5 Feb'26 [20] - Panama's top court ruled that CK Hutchison's port - operating contract is unconstitutional [20] - China Overseas Grand Oceans priced a 3yr dim sum bond at 3.2%, tightened from IPT at 3.75%, issue size RMB1.3bn [20] - Dalian Wanda announced to redeem USD50mn of DALWAN 11 02/13/28, and the maximum acceptance amount of the tender offer is USD350mn [20] - Muthoot Finance plans to raise USD600mn under the global medium - term note program [20] - Nomura Holdings 9MFY26 net revenue rose 10.5% yoy to JPY1.6tn (cUSD10.4bn) [20] - CTFE is in discussions with potential investors regarding potential investments in NWD, but no agreement has been reached [20] - Vedanta Ltd.'s demerge plan will be effective on 1 Apr'26, and it expects to list four demerged units by mid - May'26 [20] - China Vanke expects its loss attributable to shareholders to widen sharply in FY25 to RMB82bn (cUSD11.8bn) [27] - Yuexiu Property priced a 3yr dim sum bond at 3.4%, tightened from IPT at 3.85%, issue size RMB1.735bn [27]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China economy** and its various sectors, particularly focusing on **provincial growth targets**, **housing market adjustments**, and **infrastructure momentum** [3][6][11]. Core Insights and Arguments 1. **Provincial Growth Targets**: - Provinces are adjusting their growth targets downwards, reflecting a pragmatic approach rather than a pessimistic outlook. This could be beneficial for economic rebalancing [3][6]. - Specific growth targets for 2026 include: - Beijing: ~5% - Guangdong: 4.5-5% (down from ~5%) - Jiangxi: 5-5.5% (up from ~5%) [3][4]. 2. **Housing Market Adjustments**: - The significance of the "three red lines" policy has diminished, indicating a shift towards more flexible housing policies [6][8]. - Upcoming policies are expected to provide targeted mortgage subsidies, which aim to stabilize the housing market and prevent sharp price declines [8][9]. 3. **Infrastructure Development**: - Infrastructure spending is showing strong momentum, with net government bond issuance reaching **Rmb 1.2 trillion**, the highest for January on record [13][14]. - Cement demand is also performing better than typical seasonal patterns, indicating robust infrastructure activity [15][16]. 4. **Trade and Exports**: - Export growth remains resilient, particularly in January, with steady container shipments noted [18][19]. - Year-over-year changes in container throughput at major ports indicate a positive trend in exports [19][20]. 5. **Consumer Market Trends**: - Consumption is lagging, with a notable decline in passenger car sales, attributed to the end of the NEV purchase tax exemption [22][23]. - Home appliance sales have shown weak year-over-year performance, although there is solid sequential momentum [24][25]. Additional Important Insights - Policymakers face trade-offs in implementing broad subsidy programs, which could lead to multi-year fiscal burdens [9]. - The overall economic sentiment is cautious, with a focus on stabilizing key sectors without aggressive interventions [6][8]. - The data presented reflects a comprehensive analysis of various economic indicators, including PPI trends and PMI data, which suggest a mixed outlook for different sectors [10][11][12]. This summary encapsulates the critical points discussed in the conference call, providing insights into the current state and future outlook of the Chinese economy and its sectors.

Core Viewpoint - The market capitalization of BSE-listed companies experienced a significant decline of Rs 9,40,581.75 crore, dropping to Rs 4,50,61,658.60 crore (USD 4.90 trillion) in a single day due to the proposed increase in Securities Transaction Tax (STT) on derivatives by Finance Minister Nirmala Sitharaman [1][5]. Market Reaction - The BSE Sensex fell by 2,370.36 points or 2.88 percent, closing below the 80,000-mark at 79,899.42 during afternoon trading [4]. - The benchmark index ended at 80,722.94, down 1,546.84 points or 1.88 percent, marking a notable decline similar to the drop on February 1, 2020 [5][7]. Impact of STT Increase - The STT on futures contracts is set to increase from 0.02 percent to 0.05 percent, while the STT on options premium and exercise will rise to 0.15 percent from 0.1 percent and 0.125 percent respectively [6][9]. - This increase in STT is viewed negatively by active traders and the derivatives ecosystem, as it raises transaction costs and may reduce speculative volumes, impacting liquidity in futures and options [6][8]. Investor Sentiment - The proposed tax changes aim to moderate excessive derivatives activity and boost revenue, but they could dampen retail participation during bullish market phases and affect short-term broking revenues [8]. - The overall market sentiment was negative, with 2,375 stocks declining, while only 1,759 advanced and 175 remained unchanged on the BSE [12]. Sector Performance - Among the major companies, State Bank of India and Adani Ports saw declines of 5.61 percent and 5.53 percent respectively, while Tata Consultancy Services, Infosys, Sun Pharma, and Titan were among the gainers [11][12]. - Various indices experienced significant drops, with BSE PSU Bank falling by 5.60 percent and the metal sector declining by 3.85 percent [12].

Core Viewpoint - The Finance Minister's proposal to increase the Securities Transaction Tax (STT) on futures to 0.05% is expected to have a structurally negative impact on the capital market ecosystem, particularly affecting futures and options (F&O) driven businesses [1][11]. Market Reaction - The benchmark stock indices, Sensex and Nifty, experienced significant declines, with Sensex dropping by nearly 2% and settling at 80,722.94, down 1,546.84 points or 1.88% [2][3]. - The NSE Nifty fell by 495.20 points or 1.96%, closing at 24,825.45, with an intraday low of 24,571.75, a drop of 2.95% [3][7]. Impact on Trading and Liquidity - Higher transaction costs due to the increased STT are likely to reduce trading volumes, dampen short-term momentum, and lower profitability for active market participants [12][16]. - Foreign Institutional Investor (FII) participation in derivatives may decline as post-tax trading efficiency diminishes, which could negatively impact overall market liquidity [13][8]. Sector Performance - Among the 30 Sensex firms, State Bank of India and Adani Ports saw significant losses of 5.61% and 5.53%, respectively, with other companies like Bharat Electronics, ITC, Tata Steel, UltraTech Cement, and Reliance Industries also among the laggards [6][7]. - Conversely, Tata Consultancy Services, Infosys, Sun Pharma, and Titan were noted as gainers during this period [8][7]. Long-term Outlook - While the proposed STT increase is seen as a short-term dampener for capital market entities, some analysts suggest it may have positive implications in the long term [9]. - The budget also aims to support sectors affected by global trade tariffs and focuses on emerging areas such as data centers, semiconductors, and biopharma, which may provide some resilience to the market [10].

陕西省第十四届人民代表大会第四次会议27日在西安开幕。记者从会上获悉，2026年，陕西将持续筑牢 生态安全屏障，坚决整治违规穿越探险、破坏野生动植物资源等行为。 同时，陕西持续推进钢铁、水泥、焦化等行业超低排放改造，新增环保绩效B级及以上企业117家，累 计创建国家级绿色工厂198个、工业园区10个、零碳园区1个，国考10市PM2.5浓度改善10.8%，全省优 良天数增加7.8天。 资讯编辑：祝蓉 021-66896654 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 根据当日公布的陕西省政府工作报告，2026年，该省将常态长效开展秦岭"五乱"问题排查整治，推进区 域生态环境修复治理，加强生物多样性保护，坚决整治违规穿越探险、破坏 ...

CHIHUAHUA, Mexico, Jan. 27, 2026 (GLOBE NEWSWIRE) -- GCC, S.A.B. de C.V. (BMV: GCC*), a leading supplier and producer of cement, aggregates, and concrete in the United States and Mexico, announced today its results for the fourth quarter and full year of 2025. FY 2025 HIGHLIGHTS Consolidated net sales increased 3.1% year-on-year to US$1,408.7 millionU.S. sales grew 7.2% as concrete and cement volumes increased 31.5% and 2.6%, respectivelyU.S. concrete prices increased 10.9%Mexico concrete and cement prices ...