>>MSCI – Two additions to MSCI Indonesia: Charoen Pokphand Indonesia (CPIN) and Kalbe Farma (KLBF). Estimated buying volume for CPIN is 43.5mn shares, for KLBF is 133mn shares.>>>
"إِنَّا مَكَّنَّا لَهُۥ فِى ٱلْأَرْضِ وَءَاتَيْنَهُ مِن كُلِّ شَىْءٍۢ سَبَبًۭا فَأَتْبَعَ سَبَبًا Sesungguhnya Kami telah memberi kekuasaan kepadanya di (muka) bumi, dan Kami telah memberikan kepadanya jalan (untuk mencapai) segala sesuatu, maka diapun menempuh suatu jalan." (QS. AL KAHFI:84-85)
>> Saham Agung Podomoro Dilepas Rp365 per Unit >>> INDY: After mkt close the major shareholders placed out a USD 200m block of stock, or about 10% of cap at 3675 (range 3600-3725) at a 5.7% discount. The placement was said to be 3X subscribed to.

My Family

Selasa, 24 Maret 2009

Credit Suisse Indo Cement sector

● Indonesia’ YoY decline in cement consumption continued in February, but we believe that the only 2% YoY decline suggests a relatively resilient demand structure. This brings 2M09 figures to 5.6m tonnes, or down 3% YoY. This compares favourably with a 5-6% YoY decline in 1H06 and therefore our zero growth expectations are not too optimistic.

● The key in this down market is pricing power, which is why we are positive on the sector. Despite the flattish MoM figures, February data still posted an 18% YoY increase, thanks to the rapid rise in 4Q08.

● Geographically, the Java areas have again underperformed the regions, with volume declining 6% YoY (-25% MoM). Sumatra and other regions posted -1% to +5% YoY.

● Due to its weaker Java markets, Indocement and Holcim Indonesia’ domestic volumes and market shares suffered more than Semen Gresik. Despite flatish YoY sales, SMGR’ market rose to a high 47%.

● We maintain OUTPERFORM rating on both INTP and SMGR.

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