ID - [ ASII IJ]: BUY At Lower TP On Weaker HE Sales
Andrey Wijaya, Mutiara Nita - RHB Sekuritas
Stay BUY with new IDR9,000 TP from IDR9,300, 22% upside plus 4% FY19F yield.
We cut Astra International’s earnings estimates driven by lower heavy equipment and overburden sales volumes.
We see Auto earnings improving on higher sales volume, lower sales discounts, and no one-off expenses.
We raise Bank Permata’s valuation, driven by higher demand from potential M&A.
Astra, which is attractively trading at 12.1x FY19F rolling P/E, ~1.4SD below its 5-year mean, remains our Country and Sector Top Pick.
Link to report: RHB
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