Bahana Sec/DX: Retain sector NEUTRAL; BUY on ASII; Not so positive on IMAS & GJTL
Delayed fuel price hike has given positive sentiment on the sector, although we still maintain our NEUTRAL stance on the sector on increased down payments starting from 2H12. On each individual stocks, we are likely to lower our rating on Indombil (IMAS-IDR15,650-TP:IDR14,800) as the stock has outperformed the market ytd (exhibit 4), surpassing our target price. We are also likely to reduce our rating on Gajah Tunggal (GJTL-IDR2,600-TP:Under Review) due to its weak 4Q11 results, beset by high energy costs. At this stage, we only have a BUY rating on ASII, which is trading on undemanding 2012 PE of 14.6x, at par with market valuation.
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