Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Selasa, 12 Juli 2011

Indonesia Cement Sector: Strong Demand Continues - Credit Suisse

Good cement consumption growth outlook. Price outlook, however, remains weak as industry players are very careful in raising prices to maintain market share. So far this year, we only saw 2-3% price increase – largely driven by higher energy prices. Capacity expansions for the industry will not be on stream until the next 3-4 years, and these new capacity will be well absorbed by the market if the government accelerates its infrastructure development program. Land clearing bill, expected to be passed over the next 9 months is a key catalyst for the sector, in our view.

· Analyst Ella Nusantoro sees strong cement demand in the domestic market. June cement sales reached another record high at 4.1 mn tons (Flat MoM, +21% YoY), with 1H11 domestic cement sales totalling of 22.5 mn tons (+15% YoY, +13% QoQ) – 51% of our revised 2011 target of 44 mn tons.
· Based on total capacity of 51 mn tpa, the utilization rate of the Indonesian cement industry stood at 91% in 1H11. Most of the consumption during the period was coming from the property sector amid undemanding mortgage rate in Indonesia.
· During 1H11, Semen Gresik (SMGR, O, PT Rp11,500) market share contracted 1.9ppt to 40.8%, amid lower demand in its main market East Java. Indocement Tunggal (INTP, N, PT Rp18,400) market share was flat at 13.1%, while Holcim Indonesia’s (SMCB, N, PT Rp2,400) was higher by 1.8ppt to 15.5%.
· Ella maintains her Overweight rating on the sector, and raised 2011 domestic cement consumption growth to 8% to 44 mn tons. Domestic consumption is projected to grow 8% in 2012 before accelerating to 12% in 2013, predicated on the implementation of government’s infrastructure projects.
· Ella’s top pick in the sector remains SMGR amid attractive valuation, capacity expansion and non-Java exposure.

Tidak ada komentar:

Poskan Komentar