• Indocement canceled its plan to raise Rp630.0bn loans to finance its new two cement mills projects. As such, the company erases expectations of additional 1.5mn tons per year capacity from these mills. However, the company had finished its new mill in Cirebon with 1.5mn tons annual capacity. Thus, it foresees sales volume will manage to post growth despite in a moderate manner.
• The company foresees its sales volume to grow by 8% YoY this year to 17.6mn tons on the commencement of Cirebon mill. The company aims to boost its capacity to 20.6mn tons in 2012 or 10.8% higher from its current output level.
• Currently INTP is trading at 2011F PER of 15.6x and EV/EBITDA of 9.2x.
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