Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Astra Jumps to Record on Vehicle Sales, Rating Upgrades

Oct. 5 (Bloomberg) -- PT Astra International, Indonesia’s largest auto distributor, rose to a record after a report said vehicle sales jumped and Bank of America Merrill Lynch and Credit Suisse Group AG upgraded their ratings on the stock.

Astra rose 5.8 percent to 8,200 rupiah, closing at an all-time high based on prices going back to August 1991. The Jakarta Composite Index gained 0.9 percent, also at a record.

Indonesia’s September domestic vehicle sales jumped 33 percent from a month earlier to 101,405 units, Bisnis Indonesia reported, citing Jongkie D. Sugiarto, an executive at the nation’s automotive industries association. The association did not immediately answer calls to its office.

“Vehicle sales have been higher than we originally expected,” Wisnu Karto, an analyst at PT Batavia Prosperindo Sekuritas, said by phone in Jakarta today. “We are working on an upgrade” of Astra’s share-price target, he said.

Bank of America raised Astra to buy from hold, while Credit Suisse upgraded the stock to outperform, the equivalent of buy, citing the company’s move to introduce low-cost green cars.

To contact the reporter on this story: Harry Suhartono in Jakarta at hsuhartono@bloomberg.net

To contact the editor responsible for this story: Richard Frost at rfrost4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.