Equity Analysis /
Indonesia

ID : Cement - Silver lining from double-digit Mar volume growth

    Ricky Ho
    Ricky Ho

    Research Analyst

    CGS-CIMB
    16 April 2021
    Published by

    Domestic cement sales saw 11% yoy/15% mom volume growth in Mar 21, implying an accelerating upward recovery momentum. Industry utilisation rate is further boosted by strong exports, implying that the competitive landscape will remain benign going forward, in our view. We continue to favour SMGR over INTP as the former is much more agile, and together with its deleveraging effort, SMGR will see higher NPAT growth.