Indocement, Poised for growth, CLSA

Indocement has excess capacity and less cost pressure to deliver the
highest profit growth for FY12 vs peers. We raised our ave. selling price
growth assumption to 4%; ytd prices rose by 2%. We expect GP margin
to rebound to 48% in FY12 (FY11:46%), maintaining its superior margin
vs peers. INTP has no debt, and generates enough cashflow to fund more
expansion in the future. Valuation is still attractive vs peers. BUY.