国际投行报告-亚太地区水泥行业-印度尼西亚水泥：盈利能见度提高，价值显现；对SMGR和INTP保持OW-2022.6.22-21页

# 投行报告 # 印度尼西亚 # 水泥行业大小：0.89M | 页数：21 | 上架时间：2022-06-30 | 语言：英文

国际投行报告-亚太地区水泥行业-印度尼西亚水泥：盈利能见度提高，价值显现；对SMGR和INTP保持OW-2022.6.22-21页.pdf

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国际投行报告-亚太地区水泥行业-印度尼西亚水泥：盈利能见度提高，价值显现；对SMGR和INTP保持OW-2022.6.22-21页.pdf

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类型: 行研

上传者: YXM-187

撰写机构: J.P.Morgan

出版日期: 2022-06-22

摘要：

We remain OW on SMGR and INTP on the back of: (1) easing competition as second-tier brands have started to raise ASP in the past two months, albeit to a lesser magnitude relative to the main brands (Gresik and Tiga Roda); (2) positive development on DMO coal (coal price capped at ~$55/t compared to ICI4 spot prices at >$85/t with futures pointing to >$90/t in 3Q22) with SMGR securing DMO coal supply for the remainder of the year and INTP securing ~20% of the remaining annual requirement (vs. merely <10% two weeks ago); and (3) positive pricing actions potentially leading to strong operating leverage, if cost pressure normalizes. SMGR has outperformed INTP by 21% in the past 3M

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