Mandiri Sekuritas ASII: Key Takeaway from lunch meeting with Investor relation (ASII, Rp54,500, BUY, TP: Rp58,000)

􀂄 ASII said current buyer of 4W are people who really need 4W and people who take advantage of current low interest rate.
􀂄 ASII expect interest rate will increase next year, therefore the buyer in next year is people who really need 4W. ASII estimate 4W sales volume will decrease in 2011F around 5% up to 10% yoy. This is below our expectation. Currently, we estimate 4W sales volume will grow by 3.2% yoy in 2011F.
􀂄 ASII expect 2W sales volume will grow by 10% yoy in 2011F. This is within our expectation. Currently, we estimate 2W sales volume will grow by 10.0% yoy in 2011F.
􀂄 We will revisit our assumptions.
􀂄 Currently, ASII trades at PER 2010F and 2011F at 17.4x and 15.9x.