Mandiri Sekuritas Cement sector: 1H09 temporary figure shows a decline of 9.1% yoy (Neutral)

Temporary ASI data shows that 1H09 consumption falls 9.1% yoy or 1.7% mom. Note that historically, June consumption tends to be flat or slightly lower compare with May. Thus, should the actual figure match the temporary data, the trend is still similar compare with previous years, excluding 2008. We expect a flat domestic consumption for FY09F compare with last year. Currently SMCB is trading at the lowest EV/ton of US$149 compare with SMGR of US$151 and INTP of US$153, respectively.