Duet Maut CTA: SRIL PBRX (> +50%) Win vs Summer Attack! Brace For Roller Coaster Rides in H2 2015 As H1 As CTA Expected
CG: ASII TP 7150 Astra International (ASII.JK) Results: Slightly Better Earnings in 2Q15 but FY15 Earnings Expectations Are Still on the High Side Citi's Take — Astra reported decent 2Q15 results with net profit of Rp4.0trn, up 2% QoQ but down 20% YoY and accounting for 41% of our and 43% of consensus FY15 forecasts respectively. We believe a slight consensus downward earnings adjustment is likely post 1H15 results. Operating profit reached Rp4.4trn, up 18% QoQ but -13% YoY and accounting for 40%/43% of CitiFY15E/consensus. Weak results were attributed to the weak profit on financial service (-25% QoQ and -40% YoY). On the flipside, agribusiness, (+86% QoQ), auto (+11% QoQ) and heavy equipment (+8% QoQ) divisions reported decent results. We maintain our Neutral call on the stock as we believe that outlook for the 4W segment and automotive financing will remain tough while CPO and coal remain on a depressed territory. Catalysts will be 1) a rebound in coal and