----- Forwarded by Retnowaty Veronica Dyah/RTMKT/JK/RCORP on 04/11/2008 09:04 
AM ----- 
        CIMB-GK Research SG/RES/SG/RCORP   04/11/2008 09:05 AM 
            To
        cc
        Subject
  IND: Astra Internasional - Pricing in higher credit costs
          
  





11 April 2008 
Astra Internasional  (ASII IJ / ASII.JK, UNDERPERFORM - 
   
  Downgraded, Rp18,900 - Target: Rp20,500) 
Quick takes - Pricing in higher credit costs 
by Erwan Teguh / Iswan Kosasih 

Liquidity is tightening as the government’s funding needs crowd out 
corporates’, and this spells bad news for auto financing which relies on bank 
and bond financing.  Credit costs would go up and amid weak consumer 
confidence. We cut our auto sales forecasts by 18-21%.  Consequently, we reduce 
Astra’s auto business earnings by 14-19%.  Our target price has been slashed 
to Rp20,500 from Rp32,500, now based on a 15% discount to our index valuation 
of 12x P/E (from sum of the parts previously).  We downgrade the stock to 
UNDERPERFORM from OUTPERFORM. 


"petualang.saham" <[EMAIL PROTECTED]> wrote:
          Gile benar...
ASII Ngamuk...

--- In obrolan-bandar@yahoogroups.com, "hendrik_lwww"
<[EMAIL PROTECTED]> wrote:
>
> GO ASII....
> BUMI, please back to your home...
>



                           

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