Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Macquarie cuts Indomobil target price

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STOCKS NEWS INDONESIA-Macquarie cuts Indomobil target price Oct 25th 2012, 03:52 Wed Oct 24, 2012 11:52pm EDT Macquarie Equity Research has cut its target price on PT Indomobil Sukses Internasional Tbk to 7,000 rupiah from 8,000 and trimmed its full-year earnings forecast by 13-20 percent due to lower market share of Japanese car brand Nissan in Indonesia and fallng demand for heavy trucks and engines from the mining sector. "While we are disappointed by the extent of our downgrades, we believe our current estimates are now quite conservative, and yet still imply attractive multiples given IMAS's long term growth outlook," analyst Lyall Taylor said in a note on Thursday. The research house, however, kept its 'outperform' rating on the car maker's stock, saying it has moved into oversold territory. While average sales of the Evalia model at 2,000 units per month have been below expectations, and Nissan's overall market share in September was relatively weak at 5.7 percent, the new model still made a solid contribution to Nissan's nine-month sales at 38.8 percent year on year. Shares of the auto producer were down 0.93 percent at 5,350 rupiah while the broader index was up 0.16 percent. 1018 (0318 GMT) (Reporting by Andjarsari Paramaditha in Jakarta; Editing by Sunil Nair) *************************************************************** 10:02 STOCKS NEWS INDONESIA-Exploitasi Energi surges on stake sale Shares in PT Exploitasi Energi Indonesia Tbk jumped as much as 10.45 percent on Thursday after the coal miner said it will sell at least $50 million worth of stake. China's Huadian Power International Corporation Ltd will buy at least $50 million worth of stake in Exploitasi, CEO Henry Sitanggang said. Exploitasi also planned to raise 2.7 trillion rupiah ($281 million) from a rights issue, with 5.4 billion new shares priced at 500 rupiah each. The stock was up 8.96 percent at 365 rupiah with highest volume of 57.5 million shares traded, while the broader Jakarta Composite Index was up 0.09 percent. 0958 (0258 GMT) (Reporting by Andjarsari Paramaditha; Editing by Gopakumar Warrier) Link this Share this Digg this Email Reprints

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