RISET FR CIMB 10 APRIL 2013 :
1.Selamat Sempurna | PDF
Safe and sound
SMSM IJ / SMSM.JK | OUTPERFORM -Maintained | Rp2,550.00 - Tgt. Rp2,900.00
Auto Parts | by Soegiarto HADI,
SMSM should continue to do well as export sales recover and the domestic auto industry continues to flourish. Its dividend commitment and export-oriented business model protect against domestic concerns like inflation, fuel subsidy reductions and rupiah weakness. We reiterate our Outperform rating and maintain our forecasts and DCF-based target price (WACC: 13.0%, LTG: 5.0%). Catalysts include a firmer global outlook and strong domestic auto sales.
(09 April 2013)
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