Fletcher Building's New Bear Frets About Elevated Competition, Legacy Risks -- Market Talk

Dow Jones

Jan 29

0046 GMT - Morgan Stanley cites several reasons for its decision to downgrade Fletcher Building to underweight from equal-weight, recognizing that the call runs counter to consensus views. While Fletcher's 2Q volumes improved on 1Q, these gains aren't yet sustainable, MS says. "Trading conditions remain highly competitive, with continued margin pressure across several business units, particularly Distribution," analyst Joseph Michael says. Fletcher's valuation is currently unattractive as it is trading at a 55% premium to its five-year average of 12x, MS says. "At these levels, we see an unattractive risk reward profile, with cyclical pressures still evident, competition elevated, and legacy risks unresolved," MS says. Its price target falls 7.7% to A$2.89/share. Fletcher is down 2.1% at A$3.28. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

January 28, 2026 19:46 ET (00:46 GMT)

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2607722092"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2607722092\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2607722092?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-01-29 08:46","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2607722092","market":"sh","top_or_hot":-1,"title":"Fletcher Building's New Bear Frets About Elevated Competition, Legacy Risks -- Market Talk","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0046 GMT - Morgan Stanley cites several reasons for its decision to downgrade <a href=\"https://laohu8.com/S/FRCEF\">Fletcher Building</a> to underweight from equal-weight, recognizing that the call runs counter to consensus views. While Fletcher's 2Q volumes improved on 1Q, these gains aren't yet sustainable, MS says. \"Trading conditions remain highly competitive, with continued margin pressure across several business units, particularly Distribution,\" analyst Joseph Michael says. Fletcher's valuation is currently unattractive as it is trading at a 55% premium to its five-year average of 12x, MS says. \"At these levels, we see an unattractive risk reward profile, with cyclical pressures still evident, competition elevated, and legacy risks unresolved,\" MS says. Its price target falls 7.7% to A$2.89/share. Fletcher is down 2.1% at A$3.28. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 28, 2026 19:46 ET (00:46 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fletcher Building's New Bear Frets About Elevated Competition, Legacy Risks -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFletcher Building's New Bear Frets About Elevated Competition, Legacy Risks -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-01-29 08:46</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0046 GMT - Morgan Stanley cites several reasons for its decision to downgrade <a href=\"https://laohu8.com/S/FRCEF\">Fletcher Building</a> to underweight from equal-weight, recognizing that the call runs counter to consensus views. While Fletcher's 2Q volumes improved on 1Q, these gains aren't yet sustainable, MS says. \"Trading conditions remain highly competitive, with continued margin pressure across several business units, particularly Distribution,\" analyst Joseph Michael says. Fletcher's valuation is currently unattractive as it is trading at a 55% premium to its five-year average of 12x, MS says. \"At these levels, we see an unattractive risk reward profile, with cyclical pressures still evident, competition elevated, and legacy risks unresolved,\" MS says. Its price target falls 7.7% to A$2.89/share. Fletcher is down 2.1% at A$3.28. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 28, 2026 19:46 ET (00:46 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0106261372.USD","symbol_name":"SCHRODER ISF US LARGE CAP \"A\" ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2607722092","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2607722092","pubTimestamp":1769647560,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0046 GMT - Morgan Stanley cites several reasons for its decision to downgrade Fletcher Building to underweight from equal-weight, recognizing that the call runs counter to consensus views. While Fletcher's 2Q volumes improved on 1Q, these gains aren't yet sustainable, MS says. \"Trading conditions remain highly competitive, with continued margin pressure across several business units, particularly Distribution,\" analyst Joseph Michael says. Fletcher's valuation is currently unattractive as it is trading at a 55% premium to its five-year average of 12x, MS says. \"At these levels, we see an unattractive risk reward profile, with cyclical pressures still evident, competition elevated, and legacy risks unresolved,\" MS says. Its price target falls 7.7% to A$2.89/share. Fletcher is down 2.1% at A$3.28. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","BK4504":"桥水持仓","FBU.AU":"FLETCHER BUILDING LTD","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","BK4588":"碎股","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","FBU.NZ":"Fletcher Building Limited Ordinary Shares","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK7012":"建筑产品","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0557290698.USD":"施罗德环球可持续增长基金","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4581":"高盛持仓","BK8005":"建筑产品","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1548497426.USD":"安联环球人工智能AT Acc","LU0971096721.USD":"富达环球金融服务 A","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0106831901.USD":"贝莱德世界金融基金A2","BK4127":"投资银行业与经纪业","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","BK4516":"特朗普概念"},"translate_title":"弗莱彻大厦(Fletcher Building)的新熊市担心竞争加剧和遗留风险——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FBU.AU":0.9,"FBU.NZ":1.5},"content_text":"0046 GMT - Morgan Stanley cites several reasons for its decision to downgrade Fletcher Building to underweight from equal-weight, recognizing that the call runs counter to consensus views. While Fletcher's 2Q volumes improved on 1Q, these gains aren't yet sustainable, MS says. \"Trading conditions remain highly competitive, with continued margin pressure across several business units, particularly Distribution,\" analyst Joseph Michael says. Fletcher's valuation is currently unattractive as it is trading at a 55% premium to its five-year average of 12x, MS says. \"At these levels, we see an unattractive risk reward profile, with cyclical pressures still evident, competition elevated, and legacy risks unresolved,\" MS says. Its price target falls 7.7% to A$2.89/share. Fletcher is down 2.1% at A$3.28. (david.winning@wsj.com; @dwinningWSJ) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 28, 2026 19:46 ET (00:46 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}