(ASII IJ / ASII.JK, OUTPERFORM - Upgraded, Rp31,300 - Tgt. Rp39,300, Automobiles and Parts)
Upgrade Astra to Outperform from Neutral with a higher target price of Rp39,300 (from Rp36,800), still using sum of the parts and implying 16x and 14x CY10-11 earnings, at a slight discount to our market P/E target of 15x. 3Q09 results were ahead of our forecast and market consensus by 8% and 5% respectively, due to stellar performances from the auto and heavy equipment divisions. Astra 3Q09 financials prove beyond doubt the auto sector's recovery, in our view. We upgrade our earnings estimates by 7-13% largely on higher margin assumptions for the motorcycle business. Our sum-of-the-parts valuation has been raised by 7% on a 20%-plus increase in auto valuations.
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