Based on initial Gaikindo numbers, April wholesale sales of 2-wheelers amounted to 566k units (-7%mom, +47%yoy). The slight drop month on month was reasonable and not alarming given the peak sales of last month since Aug08. This brings cumulative 4M10 sales to some 2.2mn units (+38%yoy), running at about 34% of our FY10F of 6.4k units (+6%yoy), thus on track to meet our full year target. We currently have a buy on Astra
International (ASII, Rp40,200, Buy, TP:Rp50,500), now trading at PER10F of 13.8x.
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