Australia's Brickworks falls; Citi says stock trading at a discount

Shares of brick manufacturer Brickworks BKW.AX fall 1.1% to A$23.670

Citi says BKW trading at a ~10% P/E ratio discount to ASX Industrials .AXNJ, although the stock has traded in-line with index historically

Including day's moves, stock down ~7.5% YTD vs 1.5% rise in AXNJ

Citi says BKW trading at a discount despite falling interest rates driving a positive outlook for building products and property

Brokerage believes outlook is improving with rate cuts driving demand recovery despite tough near-term environment for building products given slowing residential activity

Retains "buy" rating and PT of A$31.60

Stock rated "buy" on average, median PT at A$29, as per data compiled by LSEG