Financial Information & Market Access Forum - 1737534971138
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Mirae Asset Sekuritas Indonesia Update
Cement sales volume – December 2024
by Andreas Saragih (andreas.saragih@miraeasset.co.id)
January 22, 2025ID : 5.51mn tons (-11.6% YoY, -7.1% MoM)
SMGR : 3.07mn tons (-17.6% YoY, -13.3% MoM)
INTP : 1.69mn tons (+2.6% YoY, -3.6% MoM)
ID FY24 : 63.79mn tons (-0.4% YoY, 97% run rate)
SMGR FY24 : 38.26mn tons (-5.8% YoY, 90.2% run rate)
INTP FY24 : 18.93mn tons (+8.4% YoY, 100.4% run rate)BAG : 3.84mn tons (-10.3% YoY, -6.5% MoM)
BULK : 1.67mn tons (-14.4% YoY, -8.4% MoM)
BULK contribution : 30.3% (-1ppt YoY, -0.4ppt MoM)
BAG FY24 : 44.23mn tons (-2.7% YoY)
BULK FY24 : 19.56mn tons (+5.3% YoY)
BULK FY24 contribution : 30.7% (+1.6ppt YoY)Lower than expected cement consumption in December due to slow construction activities post regional election, truck ban at the end of the year and heavy rainfall. We have a Neutral rating in the Cement sector, with $INTP (Trading Buy: TP IDR8,025) as our top pick, followed by $SMGR (Trading Buy: TP IDR4,240).