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.
319 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.
338 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.
351 Views
Technically Speaking: Breakouts & Breakdowns: HONG KONG (July 17)
Sinopec Engineering and China State Construction have entered short term corrections while CRC has broken its downtrend in the near term. Yum...
465 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.
270 Views