Astra International (ASII) – Maintain HOLD
Price: Rp54,300 - Target Price: Rp54,000
Three threats on auto sales
- Progressive tax impact should be minimal 2M11.
- New registration of ownership tax strike car sales in Surabaya.
- Price increase is still at tolerable level.
- We still maintain the Hold recommendation for ASII at target price Rp54,000 (reflect PE’11 15.1x and EV/EBITDA 11.6x). Maintain Hold.