On a global drive
SMSM IJ /
SMSM.JK | NEUTRAL - Maintained | Share Price Rp2,350.00 - Tgt. Rp2,600.00
Auto Parts | - by Erwan TEGUH / Soegiarto HADI
Against a lukewarm global outlook, SMSM is diversifying its markets globally and domestically while also pursuing selected domestic OEM opportunities. Destocking caused the disappointment so far in 2012 but visibility is improving, boosted by inorganic growth potential. We maintain our Neutral rating and DCF-based target price on valuations and the lack of near-term catalysts. Our CY13 EPS growth estimate of 14% (10% organically, 4% from new Tokyo Radiator JV and full consolidation of Hydraxle) takes into account a modest global recovery in 2H13.
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By : Listri Valsa
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On a global drive SMSM IJ / SMSM.JK | NEUTRAL - Maintained | Share Price Rp2,350.00 - Tgt. Rp2,600.00
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