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

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ASII booked revenue of IDR330.9tn in FY24, up 4.5% YoY, in line with 102%/107% of MNCS/consensus estimates.</li><li>Automotive segment recorded sales of IDR133.1tn in FY24 (vs IDR128.2tn in FY23).</li><li>ASII maintained its car market share at 56%, despite wholesale car market sales dropping 14% YoY to 866k units. </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.

ASII booked revenue of IDR330.9tn in FY24, up 4.5% YoY, in line with 102%/107% of MNCS/consensus estimates.Automotive segment recorded sales of IDR133.1tn in FY24 (vs IDR128.2tn in FY23).ASII maintained its car market share at 56%, despite wholesale car market sales dropping 14% YoY to 866k units. 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.

ASII IJ - Leveraging Diversification to Counter Soft Automotive Outlook

<ul><li>We cut our 4W sales expectation by 5%, resulting in FY25F 4W sales of 900k (+4% yoy), with ASII market share expected to remain at ~56%.</li><li>We cut EBIT est. for financial segment due to slower financing growth and higher CoF, yet expect agri and HE segments to remain strong.</li><li>We cut our FY25F/ FY26F revenue by -2.2%/ -1.7% and net profit by - 0.8%/- 0.7% for. Reiterate Buy rating with a lower TP of Rp5,800.</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 cut our 4W sales expectation by 5%, resulting in FY25F 4W sales of 900k (+4% yoy), with ASII market share expected to remain at ~56%.We cut EBIT est. for financial segment due to slower financing growth and higher CoF, yet expect agri and HE segments to remain strong.We cut our FY25F/ FY26F revenue by -2.2%/ -1.7% and net profit by - 0.8%/- 0.7% for. Reiterate Buy rating with a lower TP of Rp5,800.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.

ASII.IJ -  Finetuning FY25F Est.: Flattish Earnings Due to Lower 4W Growth Expectation

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)