Danareksa Sekuritas
Indocement Tunggal Prakarsa: Boosted by better sales in
Java ($INTP.IJ IDR. 18,225 HOLD TP IDR. 20,900)

INTP maintained its market share in 9M19. Cement sales in Sep19
reached 1.63mn tons (-2.0%yoy and +6.5%mom), supported by
strong sales in Java (+4.2%yoy and +8.5%mom), especially in West
Java (+19.8%yoy and +13.6%mom). Around 35.9% of sales were
made in West Java, with Java overall accounting for 81.1% of the
total sales. Cumulatively, sales in 9M19 reached 12.60mn (-
2.3%yoy), giving the company stable market share of 25.7%.