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May 10, 2016 08:29:40
Astra International (ASII): All bets are off

Hurt by dealership rearrangement

Auto: Flat operating & equity income; weak other incomes

Financial services in bad shape

Headwinds from commodities

Outlook & Rating: Maintain REDUCE with lower end-2017 TP of IDR6,000. We believe the stock has gone ex-growth as we expect single-digit EPS growth by 2018. Investors should get out of the stock.

To see full version of Daiwa Bahana report, please visit:
http://asiaresearch.daiwacm.com/eg/cgi-bin/files/20160506id_AstraInternational.pdf#page=1

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