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【出版时间及名称】：2009年11月印度水泥行业研究报告
【作者】：摩根大通
【文件格式】：PDF
【页数】：51
【目录或简介】：
Table of Contents
Valuations bottoming out….but sector could be dead
money for a while .....................................................................3
Where did valuations bottom out previously ...............................................................4
Demand: Headwinds ahead, but robust in the long-term .....8
1HFY10 demand growth to slow from here…............................................................8
…But expect revival in demand in H2FY11................................................................9
North and South India still remain key. … ................................................................10
…Medium term demand to be supported by infra spending......................................10
Export demand slowing .............................................................................................11
Supply: the worst is not yet over ..........................................12
Ramp-up of newly commissioned capacity to impact market over 6-9 months ........12
North and West India to take over from South India .................................................12
Capacity utilization could drop below 80% in the near-term.....................................13
Pricing: Pressure looming in the near-term.........................14
The story so far….. ....................................................................................................14
….. Expect prices to decline further from here ..........................................................15
Will AP be replicated pan India (or would
consolidation work?) .............................................................16
What could possibly drive cement prices down sharply ............................................16
Costs: The best likely behind us...........................................17
Coal: Driving fuel costs higher ..................................................................................18
Freight: Longer distances increases costs ..................................................................19
Profitability: Sharp decline from here, but to remain
above previous troughs.........................................................19
Consolidation: Remains difficult to predict .........................21
Companies
ACC Limited..............................................................................................................24
Ambuja Cements Limited ..........................................................................................30
Grasim Industries Ltd ................................................................................................36
UltraTech Cement Ltd ...............................................................................................41
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