We initiate coverage on Holcim Indonesia with a BUY and a TP of Rp2,200. We believe Holcim would benefit from the upbeat Indonesian cement market with new capacity ramp as a key growth lever. While the stock trades at a premium of 15.8x 2010F PER versus 12.2x for Semen Gresik and 14.0x for Indocement, we believe it is one of the best proxy to Indonesia’s infrastructure boom.
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