Maintain Overweight on toll-road, cement and coal sectors, which are main beneficiaries of infrastructure development in the country. Although we do not expect an immediate roll out of major infrastructure projects this year, which is also the consensus view, we have strong conviction that it should start to roll out in FY11.
Catalyst would come from the amendment of a land acquisition law by year-end that could help break through the bottleneck in infrastructure progress. Improvements in
land acquisition and/or construction in FY11 could fuel excitement in the infrastructure-related sectors and could spur multi-year growth. While it looks perfect
on paper, we will only find out by next year whether it will truly be picture perfect. Key beneficiaries would be Jasa Marga, Indocement, Indika and Adaro.
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