Citi Research downgraded PT Astra International Tbk to 'neutral' from 'buy' while keeping its target price at 7,700 rupiah per share, as the stock is 'fairly valued' and close to sum-of-the-parts (SOTP) valuation after it outperformed the broader Jakarta composite index by 10 percent over the past six months. "Too much is riding on the low-cost green car (LCGC), in our view, and Astra's growth engines may stutter in 2013E. We don't see any strong upside or downside catalysts ...
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