(INTP IJ / INTP.JK, OUTPERFORM - Maintained, Rp6,300 - Tgt. Rp7,000, Construction and Materials)
We maintain Outperform and target price of Rp7,000 (based on US$125 EV/tonne, mid-cycle valuations). We like Indocement not only for its fundamental strength but potential M&As (acquisition target). Heidelberg is now likely to sell its 15% stake. Meanwhile, we would not be surprised if we see more dividends in the near term and Heidelberg ceases control eventually, which could fuel a re-rating closer to the replacement value of US$150 EV/tonne (implying a share price of Rp8,250).
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