EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Owens Corning (OC) & Beacon Roofing Supply (BECN)

Materials

Residential roofing checks reveal very strong start to 2022 - 1Q22 SSS growth expectation is 20-25% (Feb was insane with most contacts suggesting SSS up 40%+; Jan & Mar both likely grew 15-25%). Contacts suggest the Jan price increase is gaining solid traction and many think the Apr increase is going to be huge. Inflation is the offset which keeps getting worse, but the industry has benefited from inflation and Northcoast thinks this can continue. Overall, they view their checks favourably for manufacturers and distributors and raise their full year estimates for OC and BECN.

Edition: 132

- 01 April, 2022