Sabtu, 31 Juli 2010

Mandiri Sekuritas Astra International: 1H10 results are inline with ours and consensus estimate (ASII, Rp52,750, Buy, TP: Rp50,500)

􀂄 ASII posted 1H10 net income of Rp6.5tn (+51.8%yoy, +13.7%qoq), which is inline with ours and consensus estimate.
􀂄 Operating profit growth mainly came from automotives (+46%yoy) and financial services division (+43%yoy), while agribusiness contracted 17%yoy.
􀂄 We have a Buy recommendation on ASII which currently trades at PER10-11F of 18.2-15.9x.

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