INTP IJ - Finetuning FY24-25 Est. On Lower ASP yet Higher Opex Efficiency
INTP recorded an in line 9M24 net profit (66%/68% of our/consensus est), driven by cost efficiency despite lower ASP on a qoq basis.
338 Views
Indocement Tunggal Prakarsa - KTA from Concall: A More Promising Outlook
Though the detailed scheme on 3mn housing is not yet clear, INTP believes the program may boost demand for both bag and bulk.
345 Views
Cement: FY25 Outlook: Limited Growth Catalysts Despite Undemanding Valuation (NEUTRAL)
We expect cement sales volume to grow by 2.3% yoy in FY25, with flattish bag cement growth and moderating bulk growth to 8% yoy.
290 Views
Cement: 3Q24 Preview: Expanding Volume, Stabilizing ASP
We expect SMGR/ INTP 9M24F to reach 47%/63% of our estimate vs. 72%/65% seasonality, hence potential miss for SMGR but inline for INTP.
221 Views
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.
231 Views