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Selasa, 10 Mei 2011

EXCL-Nimble proven operator/ASII-all in price - BNP

Good morning, we have initiated a growth play, EXCL IJ, in a matured (in my view) telco industry and raised TP of Indo's benchmark stock, ASII IJ. Below are the bullet points of these two names: XL Axiata (EXCL IJ): Nimble operator.

• Our ASEAN telco analyst Foong has initiated on XL Axiata with a BUY rating and a target price of IDR 7,150.
• EXCL remains the fastest growing telco operator in Indonesia. Growth in coming years will be fueled by expanding to the outer islands (ex-Java) where EXCL does not yet have presence.
• Proven management team has successfully transformed EXCL by growing subscriber base 3x over 3 years and through a stringent opex and capex program making it the lowest cost operator in Indonesia.
• Short-term, our BUY rating notwithstanding, Foong prefers TLKM IJ as it is cheaper.

Astra International – CONVICTION BUY
• Our ASII IJ analyst, Elvira argues in her latest note that most of the negative news on the 2W/4W auto division have largely in the price.
• In addition, stronger commodity prices will more than offset the negtives on auto division. In fact, Elvira is increasing her earning forecasts for 2011 and 2012 by 10% pa.
• Valuation is now compelling with ASII now trading at more than 10% discount to mkt 2011 PER.

- Kwek Thong How, ASEAN Product Mgr
Posted by Saham Pilihan at 14.37

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