February domestic sales volume was up by 13.4%yoy according to ASI
data,supported by very strong growth in Java (+18.9%yoy).Surprisingly,
demand growth in Sulawesi is now back to positive after posted negative
growth in January (-4.4%yoy).Note that export still drop significantly (-
31.1%yoy)which brings total production growth lower to only 10.2%yoy.
Among the 3 biggest cement producers in the country,Holcim Indonesia
posted the highest growth of 24.2%yoy,followed by Indocement of 19.1%
yoy and Semen Gresik of only 7.4%yoy.A significant jump in Java was the
main reason behind it,as the area contributes more than 50%of total
production.We maintain Overweight on the sector,with INTP and SMCB as
our top call.
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