SMSM IJ / SMSM.JK | NEUTRAL - Upgrade | Rp2,425.00 - Tgt. Rp2,750.00
Auto Parts | by Erwan TEGUH, Soegiarto HADI
The improving global sentiment and a weak rupiah favour SMSM. However, much like the global economic outlook, SMSM's recovery is likely to be muted as it faces challenges from slow domestic heavy equipment parts demand and a more saturated export market. Although risks have dissipated, the modest growth outlook does not support much upside. Our FY12-14 EPS forecasts are lifted by 2-5%, increasing our DCF-based target price to Rp2,750 (WACC: 12.7%, LTG: 5%). We upgrade our rating to Neutral from Underperform.
Tidak ada komentar:
Posting Komentar