• The Indonesia cement sector regained strong momentum on March ’10 after showing some contraction on February ’10 due to wet season and shorter days. During March ’10, domestic cement consumption surged 13.3% MoM to reach 3.38mn tons or a marvelous 27.0% YoY growth on a yearly basis.
• While on quarterly basis, Indonesian cement sector showed robust growth in 1Q10 as it grew by some outstanding number of 17.7% YoY to reach 9.73mn tons. This number already accounted for 23.7% of our full-year estimate, much higher than last year’s figure as 1Q09 cement consumption only accounted for 21.5% of the full year number.
• During 3M10, Semen Gresik’s (SMGR, Rp7,950, Buy) market share eroded to only 43.6% from 45.7% in 3M09, mainly due to demand growth shifting from Outer Java region to Java region, and worsened by lower sales volume from Semen Tonasa in Jan and Feb ’10 due to plants overhaul. Other big players gained a stronger market share namely Indocement (INTP, Rp14,450, Buy) with 30.7% YoY from 29.8% and Holcim Indonesia (SMCB, Rp2,325, Under Review) with 13.4% from 12.7%, respectively.
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