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Senin, 04 Juli 2011

Automotive Sector 4W sales rose 12% y-o-y in 1H11 - DBS

June 2011 4W sales was 70,400 units (+0.02% y-o-y, 15.31% m-o-m). The 15% m-o-m growth in June 2011 showed speedy recovery from supply disruption due to Japan quake earlier. Astra International’s sales have also recovered. As both Toyota and Daihatsu have resumed to normal productions, their sales have also started to normalize.

Based on preliminary figures, it was reported that the 4W sales rose 12% y-o-y to 415,200. This domestic 1H11 sales is inline with our figure, comprising 48.47% of our FY11F estimates. With upcoming Eid-ul Fitr (stronger season for 4W sales) and growing pent up demand due to March–May 2011 supply disruption, we expect stronger 4W sales in 2H11. Hence, positive sentiment towards the Indonesia automotive industry should grow stronger. With 12% y-o-y growth, our FY11F estimates of 856,000 units 4W sales is within comfortable reach.

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