Macquarie Astra International: looking toppy based on SOTP

Looking at the sum-of-the-parts calculation for ASII, the stock also looks vulnerable to short term profit taking. Subsidiaries UNTR and AALI have re-rated strongly from Oct-08 market low, and that has been the main driver for ASII share price. The current share prices of ASII, UNTR, and AALI imply an FY09 P/E multiple of 9.2x for the auto business, a strong re-rating from under 4x a few months ago. Attached is a simple spreadsheet summarizing the SOTP calculation for ASII.