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>Astra International (ASII IJ)Sharper Return Focus, Preserving Diversification. ASII aims to focus on Auto, Financial Services and HEMCE, although healthcare and infrastructure remain part of the wider growth portfolio.</li><li>We see near-term growth expansion on auto parts/ components, and UNTR’s diversification toward metallurgical coal.ASII targets low-teens TSR, supported by 45–50% DPR and next 12 months Rp8tr buyback.</li><li>We maintain our Buy rating and TP of Rp6,850. Refocusing on three growth engines</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.

Astra International (ASII IJ)Sharper Return Focus, Preserving Diversification. ASII aims to focus on Auto, Financial Services and HEMCE, although healthcare and infrastructure remain part of the wider growth portfolio.We see near-term growth expansion on auto parts/ components, and UNTR’s diversification toward metallurgical coal.ASII targets low-teens TSR, supported by 45–50% DPR and next 12 months Rp8tr buyback.We maintain our Buy rating and TP of Rp6,850. Refocusing on three growth enginesContent 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) Sharper Return Focus, Preserving Diversification

<ul><li>Astra International (ASII IJ)A More Gradual Recovery Path; Lowering Estimates and TPPost 1Q26 miss, near-term visibility remains limited amid macro uncertainty, soft Auto demand, and RKAB uncertainty for UNTR.</li><li>We expect FY26F recovery to be more gradual, with Auto demand, Martabe restart, and Pama volume recovery as key swing factors.</li><li>Maintain Buy, Tactical (3M): N, with TP lowered to Rp6,850 as valuation remains undemanding, but hinging on better near-term catalysts.</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.

Astra International (ASII IJ)A More Gradual Recovery Path; Lowering Estimates and TPPost 1Q26 miss, near-term visibility remains limited amid macro uncertainty, soft Auto demand, and RKAB uncertainty for UNTR.We expect FY26F recovery to be more gradual, with Auto demand, Martabe restart, and Pama volume recovery as key swing factors.Maintain Buy, Tactical (3M): N, with TP lowered to Rp6,850 as valuation remains undemanding, but hinging on better near-term catalysts.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) A More Gradual Recovery Path; Lowering Estimates and TP

<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

Thematic (Sector/Industry)

<ul><li>Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.</li><li>JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.</li><li>We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. </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.

Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. 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.

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

Indonesia

Astra International is a leading Indonesian conglomerate with a highly diversified business portfolio across seven main segments: automotive, financial services, heavy equipment, mining, construction, agribusiness, infrastructure, information technology, and property. The company manufactures, distributes, and services vehicles, provides financial and insurance services, and is involved in palm oil plantations, logistics, and property development. It was founded in 1957 and is headquartered in Jakarta, Indonesia.

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Astra International (ASII.IJ) Sharper Return Focus, Preserving Diversification

ASII aims to focus on Auto, Financial Services and HEMCE, although healthcare and infrastructure remain part of the wider growth portfolio.

BRI Danareksa Research

Astra International (ASII.IJ) A More Gradual Recovery Path; Lowering Estimates and TP

Maintain Buy, Tactical (3M): N, with TP lowered to Rp6,850 as valuation remains undemanding, but hinging on better near-term catalysts.

BRI Danareksa Research

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

We raised FY26F net profit by +5% to Rp32.8tr, reflecting stronger Automotive margins as Astra’s brand strength limit discounting.

BRI Danareksa Research

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

3Q25 earnings may surprise on the upside, driven by +5.4% qoq volume growth and stable 52.0% mkt share, despite continued price pressure.

BRI Danareksa Research

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

We see JCI earnings-yield-to-bond spread of 242bps to have priced in a bear scenario. We revise FY26 JCI target to 7,200. Repricing the risk.

BRI Danareksa Research