Friday, April 26, 2013

Astra International Final DPS approved

Astra International: Final DPS approved, yielding 2.0% at current price (ASII, Neutral, Rp7,350, TP: Rp7,900)

Yesterday’s AGM approved ASII’s proposed final DPS of Rp150, bringing a total 45% payout ratio including the interim DPS of Rp66 paid last November. The final dividend, which yields 2.0% at current price, would be paid on June 7. Cum and ex-date are on May 20 and 21. The approved final payout is similar to the management’s proposal revealed last month.

Management retained 2013 capex budget at Rp15.5tn (Rp5tn to be financed through bank loans), but altered its allocation. Portion to infrastructures division is raised to Rp2.8tn (versus Rp500bn in FY12) mainly for its toll road business and some Rp0.6-1.0tn for the development of its newly acquired port (Eastkal Supply Base in Penajam, East Kalimantan). Infrastructures and logistics contributed 2.9% to ASII’s 1Q13 NPAT. To compensate the higher infrastructures capex, ASII reduced the portion of UNTR’s budget from Rp5tn to Rp3tn. Automotive capex allocation is Rp8tn.

Key BoD and BoC members are unchanged. Mr. Angky Tisnadisastra stepped back from the BoD, as well as Mr. Kyoichi Tanada from the BoC member (replaced by Mr. Hisayuki Inoue).
We have a Neutral rating on ASII.

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