Astra International (ASII.IJ): In-Line with Ours, Slightly Above Consensus
We tweak our auto margin assumption from 1.5% to 1% in 4Q24F, reducing EPS by 0.4%. Reiterate BUY with an unchanged TP of Rp5,900.
375 Views
ASII IJ - Non-Japanese Players Steal the Spotlight, but Not at the Cost of ASII’s Market Share
Price discounts were relatively steep at Rp30-60mn (7-9%), yet ASPs for 2025 models have also increased by 1-3%. Opsen tax remains a risk.
241 Views
Astra International - Potential Boost from Rate Cut and Opsen Tax Postponement
The lower interest rate has historically had an inverse correlation with ASII share price and is positive for 4W sales, with a 9-16 months lag.
326 Views
Macro Strategy: 2026: Reassessing the Investment Cycle
Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.
125 Views
Macro Strategy: 2026: The Dual Levers
Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.
144 Views