PT Semen Indonesia downgraded

Bahana Securities downgraded cement maker PT Semen Indonesia to "hold" from "buy", saying the slowdown in the property market and higher cost of goods sold (COGS) translated to limited share price upside.

"Although we believe SMGR will continue benefiting from growing domestic cement volumes, slowdown in property market due to financing constraints may potentially lower volume growth target," Bahana analyst Teguh Hartanto said in a note on Wednesday.

The research house said it does not expect Semen Indonesia to outperform the market in the near term despite its sound longer-term outlook.

"Pressure in estimated second-half 2013 earnings is expected to materialize on the back of higher COGS."