Astra Internasional Result note - Cracks in 4Q - by Erwan Teguh
(ASII IJ / ASII.JK, UNDERPERFORM - Maintained, Rp11,300 - Tgt. Rp11,200, Automobiles and Parts)
ASII's FY08 net profit came in at Rp9.19tr, in line with our estimate, but about 3% higher than consensus. The largest profit contributors remained the auto business at 46.1%, followed by agribusiness at 21.4% and United Tractors at 16.1%. A good year but cracks have started to emerge in 4Q, when EBIT margins dropped sharply to 8.2%. We maintain Underperform and target price of Rp11,200 (sum of the parts). Our contrarian view is on premised on earnings coming in worse than expected, dragged down by the auto unit.
Tidak ada komentar:
Posting Komentar