Holcim Indo, Strong momentum, CLSA

Holcim has excess capacity this year to grab market share; we expect
11% YoY sales growth in FY12/14; 2M12 sales grew a strong 26.8% YoY
vs 19.4% of market, at 16% of our FY expectation. We raised our ASP
growth assumption to 4% which will enable stable margin this year. The
company’s balance sheet is getting stronger, and should be moving into a
net cash position in 2014; even with US$325m capex expansion for 2013-
16. Holcim trades at a very attractive valuation vs peers. BUY.