[image: Tweet +01-CS Maintain ASII UP (10peb2012).gif] Dalam rilis terbarunya pagi ini sebagaimana *tweet* kami sebelumnya, Credit Suisse (CS) menegaskan posisi UNDERPERFORM atau SELL-nya terhadap ASII. Secara langsung CS merespon sebagai berikut:
*In response to our report, we have received inquiries to whether current valuations may expect expansion in market share in ASII’s auto products. We believe in order to justify current valuations, ASII’s 4W and 2W market shares need to be 70% and 60%, respectively, versus 57.8% and 52.4% maximum market shares achieved by ASII in the past eight years.* [image: CS-ASII Market Share.gif] *Expected market share is unachievable: We compare the three most popular brands of medium segment Multi Purpose Vehicle (MPV), the most popular car-type in Indonesia, Toyota Avanza, Daihatsu Xenia and Nissan Grand Livina. We seek to quantify the leadership of ASII in this segment by computing the total cost spent in* *the three years of owning these three different car brands. ASII’s Toyota Avanza remains the leader, with total cost spent to come 7% below the runner up, Daihatsu Xenia, but we believe it is unlikely to lead ASII to achieve 16% expansion in market share, which needed to justify current implied valuations on ASII’s auto division.* [image: CS-ASII Auto Spending.gif] -- '+' Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir kuartal maks 500 *request */ diskresi kami.
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