Mandiri Sekuritas Astra International: 1Q10 net income grew by 61%yoy, within estimates (ASII, Rp46,100, Buy, TP: Rp50,000)

Enjoying the benefits on improvement in its major business lines, ASII posted net income of Rp3tn in 1Q10 up by 61%yoy and well within ours and consensus estimates. ASII’s 4 and 2 wheelers units sales grew by 71%yoy and 28%yoy to 99k and 750k units respectively, representing market share of 57% and 45% respectively. On its non-vehicle segments, AALI posted a 25% increase in net income, while UNTR’s net earnings grew by 12%yoy. We currently have a buy on the stock trading at PER10F of 15.9x.