汇丰银行-印尼-建筑材料行业-印尼水泥产业：八月份需求复苏势头强劲-20170913-Indonesia Cement：Demand recovery sustains momentum in August-HSBC.pdfVIP

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汇丰银行-印尼-建筑材料行业-印尼水泥产业：八月份需求复苏势头强劲-20170913-Indonesia Cement：Demand recovery sustains momentum in August-HSBC.pdf

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Flashnote 13 September 2017   Indonesia Cement EQUITIES BUILDING MATERIALS Demand recovery sustains momentum in August Indonesia  Demand grew 9% YoY in August, inline with our expectations Shishir Singh* and sustaining the recovery which began in April 2017 ASEAN Materials Analyst The Hongkong and Shanghai Banking Corporation shishirkumarsingh@.hk  Faster demand growth, lack of new supply, weak ASP +852 2822 4292 margins make Indonesia our favourite market in ASEAN * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is  Reiterate Buy on SMGR, the only Indonesian cement stock not registered/ qualified pursuant to FINRA regulations where forthcoming recovery isn’t priced in Domestic cement demand growth grew 9%YoY in August: Including the 80%YoY growth in exports, total cement sales grew by 12%YoY. These numbers indicate that the demand growth has been sustaining momentum seen since the start of 2Q17. Volumes have grown by 8%YoY (10%YoY including exports) during the last five months. SMGR, our only Buy in the sector, reported August volumes growth of 11%YoY but INTP’s volumes grew by only 3%YoY a