Due to the robust demand for 4-wheelers,ASII plans to spend some Rp1tn to increase Daihatsu ’s production capacity to 400k units p.a.from 211k units currently.In light of a strong demand pull due to affordable financing schemes,domestic wholesale sales for 7M10 is seen to reach close to 442k units (+75%yoy),with an reported highest monthly sales in July of 72k units,so far this year.Thus,with the current trend,car sales by year end could comfortably breach 700k units mark.ASII ’s Daihatsu in particular has been enjoying strong growth with units ’ sales of 54k units (+58%yoy)for
1H10,with about 15%market share.We currently have a buy on the stock currently trading at PER10-11F 16.8x and 14.7x,respectively.
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