Indocement (INTP IJ): Seasonality improvement

Indocement (INTP IJ)
BUY / TP: IDR:8,800 (+28.0%)
Analyst: Chandra Pasaribu

Seasonality improvement
• Seasonality kicks in, slightly above expectation
• Volume up but ASP not fully covering cost
• Volume growth outlook is 1.5-2.0% in FY2025
• Maintain BUY, unwarranted valuation