*As seen on our tweet:* [image: Inline image 1]
* After the rally of 18% YTD and trading at FY12E P/E of 21x and FY13 P/E of 19x – we believe JSMR’s inline FY11 PAT of Rp1.3tr is unlikely to be enough to generate fresh upside. We are concerned that rich valuations and strong performance pricing in infrastructure reform. We downgrade JSMR to Neutral with new Dec-12 PT of Rp4,900. We recommend investors to trim positions into strength. * JP Morgan JSMR *full research* (http://tinyurl.com/882yzu7<http://tinyurl.com/c6zcto5> ) -- '+' Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir kuartal maks 500 *request */ diskresi kami.
<<Tweet +01-JPM-JSMR SoS Rp4900 (02apr2012).GIF>>
