Astra International (ASII IJ): 1Q19 results: Slightly below expectation

Astra International (ASII IJ)
Analyst: Vincent Yunnaraga
BUY / TP: IDR8,900 (+17.9%)
Slightly below expectation
• 1Q19 results: Earnings slightly below our estimates
• Auto 4W dragged down consolidated earnings
• Steady improvement in Financial and HEMCE divisions
• Still homework to do in Agribusiness and Information Technology
• Maintain BUY call with unchanged TP