Cement: 2Q24 Preview: A Weak Quarter yet Inline 1H24 NP, Expecting Turnaround in 2H24E
We estimate -9%/-3% qoq or -2%/+15% yoy volume growth in 2Q24E for SMGR/INTP, while ASP is estimated to improve by ~1% qoq.
169 Views
Cement: Downgrade Sector to Neutral on Weak ASP and Lower Demand
Given weak ASP, we lower our FY24F/ FY25F EPS by 21%/20% as we cut our FY24 ASP hike assumption to 0% to -1.5% (vs. +1%-2% prev.).
217 Views
Cement: Improving S-D with IKN as Demand Driver
We expect the IKN project to help sustain industry growth and estimate industry’s 2.6%/3% vol growth for 2024F/25F and 3%-4% for 2026F-30F.
203 Views
Macro and Flows Tracker - Gear Up
Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues. Supporting domestic aggregate demand...
214 Views
Indocement Tunggal Prakarsa(INTP IJ): Maintain Slight Revisions to Our Earnings Estimates
Following the release of the FY22 results, we slightly revise our earnings estimates to factor in the impact of fuel price hikes on the material...
271 Views