Mungkin ada arsip DGIK ELSA DOID MPPA? Masih valid kah? -----Original Message----- From: positif01 <[email protected]> Sender: [email protected] Date: Tue, 20 Sep 2011 10:10:30 Reply-To: [email protected] Subject: [saham] arsip Re: Goldman Sachs Update (June 13): ASII - reiterate SELL rating
Arsip Juni 2011. Sentiment-wise, lebih dekat ke Rp50.000 atau Rp80.000. Tidak perlu menunggu 52 week, cukup 'within'? Bagaimana? Rp86,500 by Deutsche Bank?:d '+' On Tue, Jun 14, 2011 at 2:46 PM, positif01 <[email protected]> wrote: > June 13: ASII: reiterate Sell rating > > Relevant excerpt: > > *ASEAN: Conglomerates: Indonesia: Prefer commodities to consumer* > > *Stock outperformance depends on growth and catalysts* > Given what we see as fair 2011E P/Es (14X-15X) for our Indonesia > conglomerate coverage, we expect only > stocks with superior growth and strong catalysts to outperform. We rate > Astra International a Sell, as while it enjoys > strong end automobile demand today, it is increasingly subject to negative > risks like higher interest rates and > potential fuel subsidy removal. > > *Astra: Sell - Negative risks have been delayed but not diminished* > We expect Astra to underperform as it faces slower growth and lower returns > through 2012, yet trades above > historical peak cycle valuations. We view its recent share price > outperformance as unjustified, as while some > of the negative 4W-related risks have indeed been delayed, these risks have > not in fact diminished. We > maintain our 4W forecasts, but slightly raise our 2W forecasts given the > stronger-than-expected ytd demand. > Our 2011-13E auto-only earnings forecasts (key investor focus) for Astra > remain below consensus (6% lower > on avg). We reiterate our Sell rating. > > '+' >
