Riset Saham, Jumat 18 April 2013

RISET FR CIMB 19 APRIL 2013 :

1.Astra Graphia | On the cutting edge
ASGR IJ / ASGR.JK | OUTPERFORM - Maintained | Rp1,880.00 - Tgt. Rp2,100.00
Ind Goods & Services | by Erisca WIRAATMADJA, Peter P. SUTEDJA, CFA

Despite being one of the smaller Astra names, ASGR continues to generate attractive returns for its shareholders, with premium ROE and dividend yield. We still favour the stock for its earnings outlook, riding on Indonesia’s positive investment momentum. We tweak our earnings forecasts to incorporate actual dividend payout. Maintain Outperform and target price, still based on DCF (WACC of 13%, LTG 8%), implying P/E of 15.1x FY13 and 12.7x FY14.
(18 APRIL 2013)



2.Economic Update | Something’s gotta give
by Michelle CHIA,

Our recent interest-rate forecast revisions followed meetings with policymakers earlier in the month. Our shift in view was precipitated by emergent inflation risks from horticulture price shocks and potential new fuel-subsidy policies. Combined with ongoing concerns about Indonesia’s current account deficit and widening oil-trade gap, we think juggling the country’s various macroeconomic challenges will require a more forceful response from the BI. Having leaned on the rupiah and FX reserves to absorb the current account adjustments, we think the policy calculus for rate hikes are compelling. We are expecting 75 bp of hikes in the FASBI rate by 3Q13 and 50-75 bp for the BI rate in 2H13. (18 APRIL 2013)