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Investing.com - JPMorgan has downgraded Indocement Tunggal Prakarsa Tbk PT (INTP:IJ) from Overweight to Neutral while raising its price target to IDR6,475.00 from IDR6,100.00.
The downgrade follows the cement producer’s 30% outperformance against the MXID index over the past three months, which JPMorgan believes has largely captured the value dislocation it identified in a March 26 report.
According to JPMorgan’s valuation framework, Indocement stock now trades at a 60% discount to replacement cost, relatively in-line with the return on invested capital relative to the cost of capital.
The firm noted that Indocement has begun implementing its IDR2.25 trillion share buyback program, with approximately 2% of the total allocation executed since early August 2025, which should limit downside risk.
JPMorgan identified a meaningful turnaround in volume and higher dividend payout as key catalysts for further stock appreciation, though it considers these unlikely to materialize in the near term, with the next dividend not scheduled until May 2026.
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