In today’s briefing:
- Semen Indonesia (SMGR IJ) – A Set Up with New Capacity and Lower Costs
- Asia HY Trade Book – January 2023 – Lucror Analytics
Semen Indonesia (SMGR IJ) – A Set Up with New Capacity and Lower Costs
- Semen Indonesia came through the worst of 2022 with flat sales, despite lower volumes, with profits rising by +18.9%, driven by cost savings, reduced debt, and use of DMO coal.
- 4Q2022 may see a slowdown given. the onset of the rainy season but the company is well-positioned to ride a recovery in 2023 with additional capacity from Semen Baturaja.
- Semen Indonesia (SMGR IJ) is well set up for a recovery in earnings for the next two years, with great synergies to come from Semen Baturaja. Valuations are well-below historic.
Asia HY Trade Book – January 2023 – Lucror Analytics
The Asia HY Trade Book for January 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.
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