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.
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