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.).
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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.
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Macro and Flows Tracker - Gear Up
Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues. Supporting domestic aggregate demand...
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Equity Snapshot: April 11, 2023
Indocement Tunggal Prakarsa: Slight revisions to our earnings estimates (INTP.IJ IDR 9,900 BUY.TP IDR 13,300). Following the release of the FY22...
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Indocement Tunggal Prakarsa (INTP.IJ) FY24 Earnings Beat, but Remain Cautiously Optimistic in FY25
INTP recorded net profit of Rp2tr in FY24 (+3% yoy, 125% of ours/cons, or above), due to strong EBIT and higher associate income.
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