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Jumat, 28 Januari 2011

CLSA Indo : cement sector, valuations re-set

With recent correction in cement stocks, Nick Cashmore is back with his cement reports.

Reiterating BUY call on Indocement (INTP IJ) and Holcim (SMCB I).

Maintain UPF for SMGR. Some earnings adjustments are made due to changes in volume and cost assumptions.

Interestingly, recent correction in the cement sector is that valuation (PER-wise) for all three big cement companies have been re-set to about the same multiple. We are looking at PER 2011 of 13-14x.

At this juncture, Nick Cashmore still prefers Indocement (INTP IJ) and Holcim (SMCB IJ) over Semen Gresik (SMGR IJ). INTP and SMCB are running at 70% capacity utilization and SMGR is almost at full capacity (94% utilization). SMGR will only add capacity in 1Q12. On the pound for pound basis, INTP and SMCB are cheaper than SMGR.
Posted by Saham Pilihan at 10.16

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