Indocement Tunggal Prakarsa (INTP IJ) has had a tough year with rising energy costs prompting price increases which impacted demand but 3Q2022 saw a strong rebound in sales growth.
Margins remained under pressure but increasing prices and the use of alternative fuels are helping to offset the impact of energy costs and more recently coal prices have been declining.
Indocement continues to impress with its focus on sustainability, significantly beating on emissions and dust. Valuations look attractive versus history and with a potential recovery in earnings in 2023.
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