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Jumat, 05 Agustus 2011

ASII (TP Rp79,200) All time high July 2011 industry car sales volume looks priced in - Credit Suisse

● The July 2011 industry car sales volume reached an all time high of 88,751 units, 23% YoY and 27% MoM growth. The 7M11A industry auto sales came at 506,078 units, up by 14% YoY.
● Despite robust growth, the 7M11A industry car sales came in line with our expectations at 57% of our FY11E forecast, in line with the historical range. We maintain our FY11E industry car sales volume of 894,623 units, a 17% YoY growth.
● While we remain positive about the fundamental outlook of ASII, we believe the recent rapid rally in ASII’s share price implies market expectations on the stock are currently quite rich.
● Thus, we maintain our NEUTRAL rating on ASII and target price of Rp79,200/share as we believe the robust growth of industry July 2011 car sales volume has been largely priced in and expected by the market.
Posted by Saham Pilihan at 05.04

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