Andrey Wijaya, Mutiara Nita - RHB Sekuritas
Semen Indonesia November total sales came in at 2.8m tonnes ( -10.1% MoM, +3.9% YoY), bringing its 11M18 sales to 27.9m tonnes (+5.6% YoY).
Lower MoM November sales were driven by cyclicality because of heavy rain.
Semen Indonesia domestic market share increased to 39.7% in November (vs 39.5% in October and 40.3% in Nov-17).
Semen Indonesia export sales came in at 250,130 tonnes in November ( -22.4% MoM, +47.4% YoY), bringing its 11M18 export sales to 2.9m tonnes (+68.2% YoY).
Maintain BUY, with TP of IDR14,500 ( 27% upside), reflecting 29x-25x FY19F-20F P/Es.
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