Meanwhile, the research house believes demand for YTL's premium grade cement should remain robust for infrastructure projects. YTL Cement will also benefit when YTL Power's US$2.7bil Tanjung Jati 1,320MW coal power plant in Indonesia begins construction later this year. The company expects the kick start of major infrastructure projects such as MRT2 to sustain cement demand growth of around 5% over the next few years and mitigate the property slowdown. Affin maintains its Hold call on YTL Corp with an unchanged target price of RM1.52 based on 10% holding company discount to our RNAV of RM1.68. It expects YTL Corp to deliver on dividends given that the capex cycle for the cement business has likely peaked, while the group should continue to receive steady earnings from its utilities division.