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Good morning,
Automotive –
Gaikindo Auto Show Update
During a week of GIIAS auto show,
Mitsubishi has sold 2,426 units of Xpander. Mitsubishi targets to sell
3,000-4,000 units/month of Xpander going forward, which is likely to grab
market share from Toyota Avanza, Honda Mobilio and BRV, and Suzuki Ertiga.
Mitsubishi monthly sales target is c. 8% of average Astra monthly sales in
1H17.
This
rising competition is likely the main driver of Astra’s declining share
price. Its shares declined by 17% in the past 30 days. Astra is now trading
below 1SD from its average rolling forward P/E. We reiterate BUY on Astra
with a TP of IDR9,850, implying 17x FY18F PE. (Andrey
Wijaya)
Link
to daily report: Indonesia Morning Cuppa 180817
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Media Highlights:
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Corporate
IDR269trn allocated
for ten priority programs
Pertamina sees 24%
drop in net income
Adhi Karya has
booked IDR26.8trn new contracts
Sillo Maritime adds
one new ship
Medco receives B2
Moody’s rating
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Our
Recent Publication:
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Economics Update: Exports And Imports
Rebounded in July After Festivities
Link to report: Exports
And Imports Rebounded in July After Festivities
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Economics Update: CAD Continues To Widen In
2Q17, BOP Surplus Declines
Link to report: CAD
Continues To Widen In 2Q17, BOP Surplus Declines
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Company Update: Summarecon Agung – Targets Cut Amid
The Low Achievement
Link to report: Summarecon
Agung : Targets Cut Amid The Low Achievement
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Sector Update: Plantation – Stock/Usage Ratios Back
To Historical Average
Link to report: Stock/Usage
Ratios Back To Historical Average
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Results Review: Indosat – Underinvestment
Poses a Medium Term Risk
Link to report: Indosat
: Underinvestment Poses a Medium Term Risk
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Sector Update: Financial Technology –
Embracing The Disruptor
Link to report: Financial Technology – Embracing
The Disruptor
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Economics Update: Economic Growth Sustained
In 2Q17
Link to report: Economic
Growth Sustained In 2Q17
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Results Review: Bank Rakyat Indonesia – More Room For
Improvement
Link to report: Bank
Rakyat Indonesia : More Room For Improvement
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Company Update: Nippon Indosari Corpindo – Expecting
Sunshine After The Storm
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Company Update: Aneka Gas Industri – Muted Volume
Growth Due To Lebaran Break
Link to report: Aneka
Gas Industri : Muted Volume Growth Due To Lebaran Break
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Company Update: Wijaya Karya Persero – Stronger Year
Ahead
Link to report: Wijaya
Karya Persero : A Stronger Year Ahead
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Best regards,
Helmy Kristanto
Director
Head of Indonesia Research
PT RHB Sekuritas Indonesia
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