SMGR’s Sales Volume up 2.9% Ytd

Semen Indonesia (SMGR IJ, BUY, TP: Rp16,700) recorded sales volume of 8.18 mn tons during January-April 2014 (+2.9% ytd). Domestic sales is still the largest contributor with 8.17mn tons of sales volume (+3.2% ytd) while export sales is recorded at 14,955 tons (-58.1% ytd). On industry level, domestic cement sales grew 2.7% ytd to 18.59 mn tons.