ID - [ASII IJ]: Analysts Briefing: More Optimistic On 2H
Market cap: USD20,082m
Shariah compliant
Analyst: Andrey Wijaya
Link to report: https://research.rhbtradesmart.com/attachments/50/rhb-report-ind_astra-international_corporate-news-flash_20180801_rhb-880320010065701255b60f13031900.pdf
Maintain BUY and SOP-based IDR8,450 TP, 18% upside, which implies 16x and 14x 2018F-2019F P/E.
During yesterday’s analysts meeting, management was optimistic on increasing Astra’s 4W market share to 50% in 2H18 (1H18: 48.5%), driven by higher Rush and Terios production capacities.
These higher capacities should also enable Astra Daihatsu Motor to increase Rush and Terios exports.
2W vehicle wholesales are likely to remain robust, supported by improved consumer spending.
Komatsu sales are estimated to increase 27% YoY, with widening GPMs in the mining contractor segment.
Weak CPO prices are the headwinds for the agribusiness unit, but Astra has lowered its production costs/unit on higher sales volume.
Key risk to our call: intense competition in the 4W market.
Komentar
Posting Komentar