----- 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...
>
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