6) Cement & Cyclicals: The Rate Casualties
Cement is the classic rate victim:
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Capex-heavy
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Debt-funded expansion
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Demand tied to construction finance
Even strong dispatch numbers struggle when rates choke project economics. The sector needs easing to work sustainably.
7) Dividends vs Growth: Rates Decide the Winner
When rates are high:
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Dividends are priced like bonds → favored.
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Growth is penalized → discounted.
When rates fall:
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Growth re-rates first.
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Dividend yield loses relative appeal.
Practical lens
Don’t debate “dividend vs growth” in isolation. Ask: Where are rates headed?
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