Indocement (INTP IJ): Cost control is key

Indocement (INTP IJ)
HOLD UPF/ TP: IDR:12,000 (+2.3%)
Analyst: Chandra Pasaribu

Cost control is key
• Flat net income was supported by ASP and cost reduction
• Volume was down -12.0% but ASP was up 2.4%.
• Early signs of recovery
• Re-iterate Hold-UPF recommendation