Deutsche (DB)
CEMENT
Industry domestic vol of 6.77mt (+4%mom/+7%yoy).
SMGR reported +7%/+5%/+1% yoy whilst INTP reported +3%/+7%/+6%yoy volume growth in Sep-18/3Q18/9M18 –
positive volume growth adding to sustainable ASP hike & lower costs - earnings turnaround
UBS (AK)
Cement
Sep industry domestic vol strong at +7.4%YoY at 6.8mn tons.
INTP domestic sales vol +3.4%YoY in Sep to 1.66mn tons. YT-Sep industry sales vol grew 4.9%YoY to 49.8mn tons (UBS FY18E 5%YoY).
SMCB SMGR
di harga 1600, smcb trades at USD91/tonne capacity, pada saat yg bersamaan di harga 8900 smgr trade di USD110/tonne capacity.
kalau valuasi smcb ditaro di USD110/tonne capacity, maka harga SMCB adalah 2,200
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