Daily 06 February 2013
Astra International: Maintain BUY
Toyota booked 23% YoY sales volume growth

  • Kompas reported that based on the preliminary figure published by Toyota Astra Motor, sales volume in January came in at 35,923 units, up 23% YoY. Strong January sales volume is contributed by continued solid demand in the MPV segment (+18.3% YoY) and SUV segment (+11.2% YoY).

Indonesia FY12 GDP growth in line with our expectation

  • It is a measure of strength of the domestic economy that even with the drag from net exports, GDP grew 6.2% in FY12, only slightly below the official forecast of 6.3% and in line with our estimate.
  • We expect external demand to be a positive factor in 2013 as there are now indications China and the United States may have bottomed. And with growth in emerging economies expected to be sustained, global growth could be slightly better this year.
  • We expect pressure on the government budget will ease and more can be spent on essential infrastructure. Such investment likely will spur similar spending from the private sector. In all, we expect consumption and investments to remain strong this year, and to be topped up by improved external demand. We maintain our forecast of 6.7% GDP growth in 2013.

Other Local News
Tower Bersama Infrastructure (TBIG.IJ, NOT RATED): To issue USD500m notes
Investor Daily quoted Corporate Secretary of Tower Bersama Infrastructure (TBIG.IJ), Helmy Yusman Santoso, saying that the company, through TBG Global Pte Ltd, subsidiary, plans to issue USD500m notes with interest rate maximum 8% p.a and term maturity 5 years. Proceeds will be used for debt refinancing and expansion. As notes issuance plans is material (50% above equity), the company will propose the notes issuance plan to EGM on 7 March 2013.
Indomobil SuksesIMAS18.110.41.1
Jasa MargaJSMR23.623.41.4
Semen IndonesiaSMGR13.821.22.0
Astra Graphia ASGR25.212.84.4
Bekasi FajarBEST20.013.8na
Malindo Feedmill MAIN13.113.11.0
Alam SuteraASRI7.716.20.8
Bank BJBBJBR12.310.65.0
Modernland MDLN22.719.2na
Nippon Indosari ROTI-15.843.10.5


Definition of Ratings
Maybank Investment Bank Research uses the following rating system:
BUY Total return is expected to be above 10% in the next 12 months,
HOLD Total return is expected to be between -10% to 10% in the next 12 months,
SELL Total return is expected to be below -10% in the next 12 months.

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs.
Investment ratings are only applicable to the stocks which form part of the coverage universe.
Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.


Disclaimer: This email and its attachment(s) are confidential and are intended solely for the use of the individual to whom it is addressed. Any views or opinions expressed are solely those of the author and do not necessarily represent those of Maybank Investment Bank Berhad (Maybank IB) or any of its affiliates. Intended recipients of this email are prohibited from disseminating, forwarding, printing and/or copying its contents. If you are not the intended recipient of this email, you are strictly prohibited to take any action based upon them, which also includes dissemination, forwarding, printing and copying of its contents.

Maybank Investment Bank Research sent this e-mail to you because your Notification Preferences indicate that you want to receive information about our daily research reports.
If you wish to read Disclaimer in details, please click HERE.

Maybank Investment Bank Berhad. A member of MAYBANK GROUP. All rights reserved © 2015.
A Participating Organisation of Bursa Malaysia Securities Berhad.