ASII sudah 'mentok' dengan downgrade for Sell oleh Goldman Sachs beberapa waktu lalu sebagaimana kami infokan.
Karena tidak ada lagi rating di-bawah Sell maka yang bisa/akan dilakukan adalah penekanan rating, seperti ini: ASII- rating: SELL; outlook: Sell as much as you can (Jual Semampunya):d '+' On Tue, Sep 20, 2011 at 10:10 AM, positif01 <[email protected]> wrote: > 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. >> >> '+' >> > >
