Better demand ahead. While demand growth in 1HFY12/10 is likely to be flattish on yoy basis, we sense that Lafarge is positive on domestic cement consumption from 2HFY12/10, on the back of the rollout/ resumption of several large-scale projects. While a pick-up in property development launches since last year will only boost cement consumption in the central region (as most property launches were concentrated in the Klang Valley and Penang), we believe Lafarge will likely be the major beneficiary, given its strong position in the central region.
Lafarge M Cement Berhad : Better Times Ahead-14/06/2010
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