Andrey Wijaya - RHB Sekuritas
Wuling launched its first commercial cars Wuling *Formo* with selling price in range of IDR136-137m
We see that the launch of Wuling Formo may create new competition for Astra Daihatsu Grand Max. However, its sales price range is not too different with Grand Max at low level range. Notably, Grand Max price range at IDR137-178m. Wuling may need more effort to attract Grand Max customers to Formo .
Maintain BUY on Astra with IDR9,200 TP, 12% upside.
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