Cement: Divergence Between SMGR and INTP Sales Volumes in Aug24
INTP's sales vol continued to outperform with a 3.5% yoy growth (exGrobogan) in Aug24, vs. industry’s -1% yoy and SMGR’s -5% yoy.
305 Views
Cement: Jul24 Sales: Strong 14% Mom Vol Growth, but Risk from Fighting Brand Pricing of Merdeka
Industry sales vol grew robustly by 14.1% mom in Jul-24, with SMGR domestic vol grew 8% mom and INTP vol expanded by 23% mom.
313 Views
Cement: 2Q24 Preview: A Weak Quarter yet Inline 1H24 NP, Expecting Turnaround in 2H24E
We estimate -9%/-3% qoq or -2%/+15% yoy volume growth in 2Q24E for SMGR/INTP, while ASP is estimated to improve by ~1% qoq.
242 Views
Cement: Downgrade Sector to Neutral on Weak ASP and Lower Demand
Given weak ASP, we lower our FY24F/ FY25F EPS by 21%/20% as we cut our FY24 ASP hike assumption to 0% to -1.5% (vs. +1%-2% prev.).
303 Views
Cement: Improving S-D with IKN as Demand Driver
We expect the IKN project to help sustain industry growth and estimate industry’s 2.6%/3% vol growth for 2024F/25F and 3%-4% for 2026F-30F.
343 Views