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Selasa, 05 April 2011

Cement sector: Cement ASP has increased by another 1.7% mom - Mandiri

􀂄 On the back of continued increasing energy cost this year, cement producers will try to pass through its cost by increasing ASP.
􀂄 It is reported in Kontan news today that the two cement producers, as per April, have increased its ASP by another 1.7% mom to Rp56,000/50kg. This is a further pick-up as in Jan11 these two producers have lifted ASP by +3%due to increasing
􀂄 COGS/ton, based on our forecast, may increase up to 15% this year. Nonetheless, we only expect ASP to increase by only maximum +9%, due to cautious on imported cement threat, hence margin will likely to squeeze while EPS growth is minimal.
􀂄 We still have Neutral stance on the three cement stocks: INTP (TP: Rp15,350), SMGR (TP: Rp9,100) and SMCB (Rp1,870). Currently trades at, respectively, PE11F 18.3x EV/ton US$343, PE11F 14.3x EV/ton EV/ton US$300, SMCB 16.0x EV/ton US$230.

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