Looking attractive: BUY
Indocement explained at the latest analyst meeting that its business strategy is basically to put profitability ahead of market share. This is positive and suggests the company will not start a costly price war. In regard to the speculation that Heidelberg would divest a 15-20% stake in the company, Indocement’s management has declined to comment. Nonetheless, this speculation has resulted in positive sentiment on the stock on hopes that the share price will be pushed up prior to any possible divestment. BUY recommendation maintained with a target price of Rp6,500.
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