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Rabu, 06 April 2011

Automotive Sector: 3M11 car wholesale unit grow by 29.3%yoy - Mandiri

Domestic car wholesale booked strong growth. Mar11 car wholesale unit
grew by 24.6% yoy from 65,555 unit in Mar10 to 81,706 unit in Mar11. This
led to total 3M11 car wholesale of 225,061 units, or increase by 29.3%yoy ,
representing 30% of our FY11F of 750,000 unit.

We have a Neutral recommendation on Astra International (ASII, Rp56,650,
Neutral, TP= Rp58,100). At Rp56,650, ASII is trading at PER FY11F of 15.2x.

4-wheelers wholesale unit
2011 2010 YoY chg MoM chg
Jan 73,866 52,831 39.8% 5.3%
Feb 69,489 55,688 24.8% -5.9%
Mar 81,706 65,555 24.6% 17.6%
Total 225,061 174,074 29.3%

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