Excerpt from Macca's research today:Action and recommendation...

Excerpt from Macca's research today:

Action and recommendation Outperform. The stock has been de-rated to a point where its relative valuationto the ASX 200 Industrials index equates historical turning points – at a 34%discount. While we acknowledge the risks in the housing cycle, which are at their mostacute in the high-density multi-residential market where CSR has a smallexposure (~12% of Building Products), we think CSR’s earnings profile shouldprove more resilient than expected.