Slower cement consumption in 3Q14 has dragged
INTP performance down. However, on annual basis, INTP recorded satisfactory
performance with sales grew by 6.1% yoy and the net profit grew by 3.0% yoy.
With the recent fuel price hike, the near future outlook will remain bleak for
cement industry, but the medium and long term outlook are bright. For the time
being, we maintain TP at Rp27,500. BUY.
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