----- 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 governmentâs funding needs crowd out corporatesâ, 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 Astraâs 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... > __________________________________________________ Do You Yahoo!? Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com