7/2/26
ADHI KARTIKO PRATAMA TBK. (NICE.JK) Thesis: The recent drop in cement prices due to increased competition is raising concerns about margin sustainability, overshadowing potential demand growth from government projects.
What Moves the Stock 1 Cement demand in Indonesia, particularly from government infrastructure projects 2 Fluctuations in raw material costs, such as limestone and energy prices 3 Regulatory changes impacting construction permits and environmental standards 4 Market share changes due to competitive dynamics in the industrial materials sector 5 Cement production - 60% 6 Aggregates - 25% 7 Ready-mix concrete - 15% 8 Infrastructure development in Southeast Asia 201 284 368 452 535 250.00 NICE.JK Daily 250.00 Jan '26 Mar '26 May '26 Jul '26
My Notes "Management noted, 'While we anticipate strong demand, competitive pressures are significantly impacting our pricing power.'" Moat: The company's competitive advantage is supported by its extensive distribution network and established market presence in Indonesia. growth - Investors are likely attracted to the company's potential for revenue growth driven by infrastructure spending. Higher interest rates can increase financing costs for construction projects, potentially dampening demand for cement and related materials. Watch on earnings: Cement demand growth rate in Indonesia, Cost of raw materials (limestone, energy), Market share in the Indonesian cement industry. One Sentence Summary: Adhi Kartiko Pratama Tbk.: the story is balanced — cement demand in indonesia, particularly from government infrastructure projects.
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