Indocement (INTP IJ): Slow start to cement demand in 1H25

Indocement (INTP IJ)
HOLD-OPF / TP: IDR:5,800 (+5.9%)
Analyst: Chandra Pasaribu

Slow start to cement demand in 1H25
• Slow start in cement volume
• Cement pricing remains dynamic
• Downgrade in earnings
• Downgrade to HOLD-OPF