21 November 2024

Nasdaq (-0.11%) berbalik terkoreksi di Rabu (20/11). Selain Target, sejumlah retailers lain di U.S. juga melaporkan kinerja keuangan dan relatif mengecewakan di 3Q24. Indeks-indeks di Eropa melanjutkan pelemahannya di Rabu (20/11). Lonjakan harga gas alam berlanjut (+7.47%) di Rabu (20/11). Kondisi di atas memicu kekhawatiran lonjakan inflasi di Eropa. AS dijadwalkan rilis data-data ketenagakerjaan yang diperkirakan sedikit memburuk, tapi diyakini tidak ada merubah stance the Fed terhadap arah kebijakan pemangkasan yang less-aggressive. RDG BI memutuskan tahan sukubunga di 6%, mempertimbangkan upaya menjaga stabilitas Rupiah dan laju pertumbuhan ekonomi setidaknya di 5% yoy untuk 2024. IHSG dapat kembali coba rebound ke 7180-7200 di Kamis (21/11). IHSG masih menunggu konfirmasi rebound ke 7200 sebagai validasi minor bullish reversal. Top picks (21/11) : MEDC, EMTK, TINS, ELSA, dan ACES. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

INTP achieved revenue of IDR5.20 trillion in 3Q24 (+28.54% QoQ; +4.81% YoY), with cumulative revenue reaching IDR13.32 trillion until 9M24, driven by a 9.4% YoY increase in domestic cement sales volume. Gross profit margin improved to 34.35% in 3Q24 (vs 27.66% in 2Q24), supported by efficiency in energy and labor costs, despite higher finance costs due to the Grobogan Cement acquisition. INTP recorded a net profit of IDR621 billion in 3Q24 (+35.19% QoQ; +2.86% YoY), contributing to a cumulative net profit of IDR1.06 trillion until 9M24, showcasing resilience in a competitive market. Cement demand is expected to grow 1-2.5% in 2025, fueled by government initiatives like the 3 million houses program, the Capital City of the Archipelago (IKN) project, and property sector relaxations, boosting INTP's utilization ratio to 60%. Bulk cement continues to dominate, supported by national strategic projects (PSN) and rising demand from commercial developments such as warehouses, smelters, and housing in new growth areas, while bagged cement faces weaker demand due to low purchasing power. We give rating BUY for INTP with a target price of IDR8,100 (+18.80% upside), implying FY24F/FY25F EV/EBITDA of 8.66x/7.92x. By PHINTRACO SEKURITAS | Research - Disclaimer On -