DIV { MARGIN: 0px } Strong results across the board; motorcycle
profits stabilising?
Upgrade earnings and target price.
Strong rebound across the board - above our forecasts.
Auto-related is rebounding strongly, except motorcycles.
Agribusiness, again, remained robust.
Heavy equipment also posted a strong recovery.
Upgrade earnings by 11-14% over the next three years.
Our new sum-of-the-parts based target price to Rp28,000.
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