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

Jumat, 12 Agustus 2011

Indocement (INTP IJ) raised prices 1-2% in selected areas in Java starting July by Di Shui and Dee Senaratne - CLSA

Few highlights of the meetings – see attached for details:
· INTP thinks that SMGR and SMCB have started to import clinker.
· This implies competitors are operating at full capacity, thus 1) incremental demand growth in 2H will be met by INTP; 2) both SMGR and SMCB should be happy to follow price increase (since imports offer low margins).
· INTP will start 2m tons debottlenecking project at Citeureup this year. 2 m more tons by 2013.
· Have identified Pati (C Java) as ground for new greenfield factory. In process of acquiring land, quarry, and requisite licenses. AMDAL study on going. Interesting to note Pati is where SMGR made a failed bid for new factory, because they could not get local gov't approval. INTP has central and local gov't support. Hopes to break ground in 2012. Factoring in 2.5m tons additional capacity by YE15,
· This will bring total capacity to 23.1m tons by 2015. Vs 18.6m at ye10. INTP is also considering another ex-Java project which would add 2.5m tons more by 2017. To be funded by large cash balance, and nearly US$500m of operating CF every year.
· Indo demand is picking up as we head into seasonally stronger 2H. More resilient than 2008 given FDI pick up. Margin upside from lower coal/fuel prices in 2H.
· INTP is best poised for upward earnings revision in 2011, given most excess capacity (volume upside) and higher ASP initiative. And growing pipeline of additional capacity strengthens longer term growth profile.
· INTP valuations looking attractive now trading at 11.9x earnings. We would be a BUYERS at these levels.

Tidak ada komentar:

Posting Komentar