SMSM IJ / SMSM.JK | OUTPERFORM - Maintained | Share Price Rp2050 - Tgt. Rp2400
Auto Parts | - by Erwan TEGUH / Soegiarto HADI
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A recent meeting with the CFO suggests a firmer 2012 on the back of a domestic auto boom as well as US recovery. Imminent corporate actions should also bode well. While we maintain our forecasts for now, we lift our DCF target price, using the same WACC but with a higher LTG of 6% (5% previously) in light of our higher conviction of its growth outlook. This implies 14.6-12.2x CY12-13 P/Es. Outperform maintained
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