J P M O R G A N Asia Pacific Equity Research 23 July 2026 Australia/New Zealand Building Materials JHX preliminary 1QFY27 view and August BMAT preview: Stay selective as recovery remains uneven Our most preferred BMAT names remain JHX (OW, pre-release discussed below) and RWC (OW). While US RNC remains weighed by Iran uncertainty, we believe JHX's exposure to larger homebuilders and RWC's exposure to non- discretionary R&R should see them outperform peers, while retaining upside to a broader US recovery. RE ...