CIMB Strategy | Between a rock and a hard place

CIMB Strategy   | Between a rock and a hard place

NEUTRAL - Maintained

Author(s): Erwan TEGUH, Peter P. SUTEDJA, CFA 

1. We keep our bottom-up YE13 5,050 index target and Neutral market stance.

2. Assuming the past three years lows of 2.5x P/BV and 11.5x P/E, The JCI should be at 4,120 and 4,315, all else equal, based on our estimate.

3. Our Key Picks :

      1.AALI- NEUTRAL-TP 19,000

      2.ASGR-OUTPERFORM-TP 1,570

      3.CTRA-OUTPERFORM-TP 1,700

      4.INDF-OUTPERFORM-TP 8,400

      5.KLBF-OUTPERFORM-TP 1,650

      6.LPPF-OUTPERFORM-TP 14,300

      7.PTPP-OUTPERFORM-TP 1,800

      8.PGAS-OUTPERFORM-TP 6,100

      9.SMGR-OUTPERFORM-TP 18,000

      10.TLKM-OUTPERFORM-TP 14,500

(DISC ON)

Source : Listri Adistri