Non-listed businesses are free

■ From a stub value perspective, the total attributable market cap of CNBM’s
listed businesses is equivalent to 143% of its market cap, near the high-end
of the three-year range.
■ Three non-cement subsidiaries have already released positive profit alerts
for 1H21, which should provide a buffer for the cement business.
■ Trading at 0.6x rolling forward P/Bv, it is near the low end of the three-year
range. Reiterate ADD.