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<ul><li>Times have changed for <a href="https://www.smartkarma.com/entities/46" target="_blank" data-smartkarma-citation="entities:46:1">Astra International Tbk Pt (ASII IJ)</a> in terms of growth profile.</li><li>But, we believe that what remain unchanged for ASII are strong corporate governance elements, a virtue that would not go unnoticed by investors.</li><li>ASII would remain as "Indo Inc." that draws investors' interest in the context of being an Indo market proxy.</li><li>ASII trades at 14.9x 2018 PE, in line with Indo market's PE, in which higher premium valuation is justified, in our opinion.</li></ul>

Times have changed for Astra International Tbk Pt (ASII IJ) in terms of growth profile.But, we believe that what remain unchanged for ASII are strong corporate governance elements, a virtue that would not go unnoticed by investors.ASII would remain as "Indo Inc." that draws investors' interest in the context of being an Indo market proxy.ASII trades at 14.9x 2018 PE, in line with Indo market's PE, in which higher premium valuation is justified, in our opinion.

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