External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>We raised FY26F net profit by +5% to Rp32.8tr, reflecting stronger Automotive margins as Astra’s brand strength limit discounting. </li><li>Seasonally strong Nov-Dec 4W industry volume should reinforce the recovery momentum. </li><li>Maintain Buy rating with higher TP of Rp7,450 (9.2x FY26F P/E; +1SD), backed by a ~7% dividend yield.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raised FY26F net profit by +5% to Rp32.8tr, reflecting stronger Automotive margins as Astra’s brand strength limit discounting. Seasonally strong Nov-Dec 4W industry volume should reinforce the recovery momentum. Maintain Buy rating with higher TP of Rp7,450 (9.2x FY26F P/E; +1SD), backed by a ~7% dividend yield.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astra International (ASII.IJ) 3Q25 Marks Earnings Bottom...

<ul><li>3Q25 earnings may surprise on the upside, driven by +5.4% qoq volume growth and stable 52.0% mkt share, despite continued price pressure.</li><li>A seasonal lift in 4Q25 should drive FY25 volume to ~750–770k units, keeping ASII’s share above 52.5% and earnings on track.</li><li>Valuation remains undemanding at 7.5x FY26F P/E; TSR or HEV rollout could unlock upside to 9.5x (TP: Rp6,700).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q25 earnings may surprise on the upside, driven by +5.4% qoq volume growth and stable 52.0% mkt share, despite continued price pressure.A seasonal lift in 4Q25 should drive FY25 volume to ~750–770k units, keeping ASII’s share above 52.5% and earnings on track.Valuation remains undemanding at 7.5x FY26F P/E; TSR or HEV rollout could unlock upside to 9.5x (TP: Rp6,700).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astra International (ASII.IJ) 3Q25 Preview: Potential Upside Surprise from Auto

<ul><li>We believe the potential Total Shareholder Return (TSR) program could unlock ASII’s cash of ~Rp53tr as of 1H25 (23% of mkt cap).</li><li>Mass-market hybrid launch (Avanza/Xenia HEV) may add c.10-15k units/year and defend market share above 53–55%.</li><li>Reinstate coverage with a BUY rating. ASII shifts from a cyclical value stock to a high-yield compounder with intact industry leadership.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the potential Total Shareholder Return (TSR) program could unlock ASII’s cash of ~Rp53tr as of 1H25 (23% of mkt cap).Mass-market hybrid launch (Avanza/Xenia HEV) may add c.10-15k units/year and defend market share above 53–55%.Reinstate coverage with a BUY rating. ASII shifts from a cyclical value stock to a high-yield compounder with intact industry leadership.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astra International (ASII.IJ) - Dual Catalysts for Further Re-Rating

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s implied stub value is around its highest-ever level, dating back to 2004. </li>
<li>The simple ratio of JCNC/ <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> is also the highest level outside the brief spikes post-Covid and during the 2008 GFC.</li>
<li>There is no apparent justification for the current valuation. And a takeover from <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> at these levels appears unrealistic. </li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP)'s implied stub value is around its highest-ever level, dating back to 2004. 
The simple ratio of JCNC/ Astra International (ASII IJ) is also the highest level outside the brief spikes post-Covid and during the 2008 GFC.
There is no apparent justification for the current valuation. And a takeover from Jardine Matheson Holdings (JM SP) at these levels appears unrealistic. 


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> recently released finely balanced set of FY2024 results, with weaker auto sales offset by stronger 2W and financial segment performance, with other segments also performing above expectations.</li>
<li>Financial services growth was driven by stronger multifinance growth, whilst the heavy equipment division saw stronger growth from mining contracting and gold offsetting slower growth from coal mining.</li>
<li>Astra continues investing in sustainable energy, nickel, and healthcare and looks for new opportunities. Valuations remain attractive on less than 6x forward PER and yield &gt; 8%. </li>
</ul>



Astra International recently released finely balanced set of FY2024 results, with weaker auto sales offset by stronger 2W and financial segment performance, with other segments also performing above expectations.
Financial services growth was driven by stronger multifinance growth, whilst the heavy equipment division saw stronger growth from mining contracting and gold offsetting slower growth from coal mining.
Astra continues investing in sustainable energy, nickel, and healthcare and looks for new opportunities. Valuations remain attractive on less than 6x forward PER and yield &gt; 8%. 


Astra International (ASII IJ) - Resilience in Motion

Indonesia

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

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Astra International (ASII IJ)