Equity Analysis /
Indonesia

ID : Cement - Key observations on Dec 20 volume data

    Ricky Ho
    Ricky Ho

    Research Analyst

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    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    Domestic cement sales volume fell 12% yoy in Dec 20 off a high base vs. Dec 19 (+8% yoy). This was an improvement compared to recent months. The big four cement players continued to export in Dec 20 and 4Q20; the most aggressive exporter is Merah Putih (c.42% of sales volume).