Contents
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Growth Prospect Solidifying
Cement Industry, Entering Growth Phase after Hitting Trough
Undervalued Compared to Overseas Peers
Cement Industry Outlook: (P-C) ××Q
Cement Supply Outlook: Stable Growth Expected from 2H09
Strong Cement Price to be Maintained
Coal and Transportation are Critical Cost Factors
Issue I: Imported Cement and Slag Cement
Issue II: Disposal of Lafarge Halla Cement
Appendix: Cement Industry Outline
Sungshin Cement (004980, BUY (initiate))
Hanil Cement (003300, BUY (initiate))