Indocement will add 1.5mn tons capacity this year as production from its Cirebon plant starts next month. The new plant has a full capacity of 4mn tons per year.
The company has total capacity of 18.6mn tons however only expects production this year to reach 17.6mn tons. Indocement holds 31.5% market share until 7M10, where total demand reaches 41.5mn tons.
Althought cement sales were strong in 1H10 where growth reached 15.2% YoY, management is pessimistic that it can continue this performance, where growth in the second half is only expected to reach 10.7%.
Indocement plans to increase the number of cement grinding plant in this third quarter, with expected cost to reach US$70mn.
INTP is trading at 2011F PER of 15.2x and EV/EBITDA of 7.4x.
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