Wednesday, July 20, 2011

Astra International : In-line With Estimation

by Credit Suisse : ASII

Domestic car and motorcycle sales during 1H11 came in in-line with our full-year estimates. Domestic car sales in June were up 15% MoM (flat YoY) to 70,157 units. The 2Q11 car sales were up 8% QoQ (-2% YoY), bringing the YTD figure up to 13% YoY, which came in line with our forecast (47% of FY11E).

Astra’s car sales in June were up 24% MoM (flat YoY) to 39,852 units. The 2Q11 sales up 9% QoQ (-5%YoY). YTD, Astra’s car sales up 10% YoY to 229,151 units (47% of FY11E). Astra continues to lead the segment at 57% market share in June.

Domestic motorcycle in June down 7% MoM (1% YoY) due to fewer working days in June. The 2Q11 sales were up 17% QoQ (21% YoY). YTD figure was in line with our forecast, up 13%YoY.

Astra’s motorcycle sales in June increased 23% YoY (-4% MoM) to 361,665 units, which brings 2Q11 sales up 17% QoQ (+21% YoY). YTD, Astra’s sales up 26% YoY (48% of FY11E). Astra maintained its dominant market share at 55% in June. We maintain our NEUTRAL rating and target price of Rp78,000.

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