FR CGS-CIMB (YU) : Adi Sarana Armada
On the highway
Mkt.Cap:US$69.45m | Avg.Daily Vol:US$0.02m | Free Float:40.00%
Transport
Author(s):Peter P. SUTEDJA +62 (21) 30061726, Namira LAHUDDIN
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■ASSA’s 1Q18 core net profit beat our expectations at 31% of our FY18 forecast.
â– This was due to lower-than-expected borrowing costs and higher used car margins.
â– We fine-tune our forecasts according to the latest trend of disposal margins and borrowing costs.
â– The stock is trading at 0.8x FY18F P/BV. Our target price reflects its deep undervaluation and the growth potential in a recovery environment. Maintain Add.
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