(ASII IJ / ASII.JK, NEUTRAL - Maintained, Rp31,950 - Tgt. Rp36,800, Automobiles and Parts)
Maintain Neutral on Astra while introducing our end-CY10 target price of Rp36,800, still based on sum-of-the-parts valuation. Our new target implies 16x and 14x CY10-11 earnings, implicitly suggesting a slight discount to our P/E target for the market. Our target price for end-CY09 remains Rp29,500. While we agree that Astra should be re-rated on the back of the strong fundamentals of Astra Agro and UNTR, we believe it should still be valued at a discount to the market as its auto division: 1) is a thin-margin business; 2) relies on credit and third-party financing; and 3) the emergence of Yamaha could be a credible threat to its profitable motorcycle business.
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