External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>AUTO recorded total revenue of IDR9.6 trillion in 1H25, growing +4.2% YoY, in line with our and consensus estimates at 48.6% and 48.1% of FY25 forecasts, respectively.</li><li>The manufacturing division posted revenue of IDR5.0 trillion (+6.1% YoY), mainly supported by higher sales to original equipment manufacturers (OEMs), particularly for 4W and 2W components.</li><li>The trading division saw modest growth of +2.2% YoY to IDR4.6 trillion, driven by contributions from export businesses and modern retail networks such as Shop &amp; Drive and Astra Otoservice. </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.

AUTO recorded total revenue of IDR9.6 trillion in 1H25, growing +4.2% YoY, in line with our and consensus estimates at 48.6% and 48.1% of FY25 forecasts, respectively.The manufacturing division posted revenue of IDR5.0 trillion (+6.1% YoY), mainly supported by higher sales to original equipment manufacturers (OEMs), particularly for 4W and 2W components.The trading division saw modest growth of +2.2% YoY to IDR4.6 trillion, driven by contributions from export businesses and modern retail networks such as Shop &amp; Drive and Astra Otoservice. 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.

PT Astra Otoparts Tbk (AUTO IJ) - Riding Steady Through Market Cycles

<ul><li>AUTO reported total revenue of IDR19.1tn in FY24, reflecting a modest increase of 2.3% YoY, in line with our/consensus estimates at 99.5%/99.6%.</li><li>The manufacturing division recorded revenue of IDR10.1tn, contracting by -3.9% YoY, primarily due to a decline in revenue from the original equipment manufacturer (OEM) segment.</li><li>Meanwhile, the trading division posted a solid growth of 10.3% YoY, reaching IDR8.9tn.</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.

AUTO reported total revenue of IDR19.1tn in FY24, reflecting a modest increase of 2.3% YoY, in line with our/consensus estimates at 99.5%/99.6%.The manufacturing division recorded revenue of IDR10.1tn, contracting by -3.9% YoY, primarily due to a decline in revenue from the original equipment manufacturer (OEM) segment.Meanwhile, the trading division posted a solid growth of 10.3% YoY, reaching IDR8.9tn.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.

AUTO IJ - Balancing Domestic Slowdown with Export Growth and Diversification

Thematic (Sector/Industry)

<ul><li>Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15</li><li>1% YoY (vs 71,391 units in May-24), despite an 18</li><li>4% MoM increase due to the low base following the Eid al-Fitr holiday</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.

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 151% YoY (vs 71,391 units in May-24), despite an 184% MoM increase due to the low base following the Eid al-Fitr holidayContent 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.

<ul><li>4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15.1% YoY (vs 71,391 units in May-24), despite an 18.4% MoM increase due to the low base following the Eid al-Fitr holiday.</li><li>Toyota continued to lead the market with 20,995 units sold (+30.6% MoM), followed by Daihatsu with 11,166 units (+25.7% MoM), Mitsubishi (4,756 units), Suzuki (3,921 units), and Honda (3,166 units).</li><li>Several Chinese brands also showed improvement: BYD sold 2,799 units, Chery 1,993 units, and Wuling 1,566 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.

4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15.1% YoY (vs 71,391 units in May-24), despite an 18.4% MoM increase due to the low base following the Eid al-Fitr holiday.Toyota continued to lead the market with 20,995 units sold (+30.6% MoM), followed by Daihatsu with 11,166 units (+25.7% MoM), Mitsubishi (4,756 units), Suzuki (3,921 units), and Honda (3,166 units).Several Chinese brands also showed improvement: BYD sold 2,799 units, Chery 1,993 units, and Wuling 1,566 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.

Automotive Sector Searching for Momentum: Will GIIAS Shift the Gears?

<ul><li>AUTO recorded a total revenue of IDR18.6tn or stood flat 0.4% YoY in FY23.</li><li>Sales from related parties also saw a growth of 3.4% YoY, reaching IDR6.8tn in FY23.</li><li>Astra Honda Motor (AHM) and Astra Daihatsu Motor (ADM) dominates this segment, each accounting for 22.0%/8.1%, respectively.</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.

AUTO recorded a total revenue of IDR18.6tn or stood flat 0.4% YoY in FY23.Sales from related parties also saw a growth of 3.4% YoY, reaching IDR6.8tn in FY23.Astra Honda Motor (AHM) and Astra Daihatsu Motor (ADM) dominates this segment, each accounting for 22.0%/8.1%, respectively.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.

AUTO IJ - MNC Sekuritas Equity Report February 26, 2024

Indonesia

PT Astra Otoparts Tbk manufactures and distributes a comprehensive range of automotive and motorcycle parts.  The Company produces a wide range of forged, cast, electrical, rubber and plastic automotive parts, and (OEM) original equipment manufacturing.  Astra Otoparts also produces replacement market automobile and motorcycles parts for local and foreign markets.

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Astra Otoparts (AUTO IJ)

PT Astra Otoparts Tbk (AUTO IJ) - Riding Steady Through Market Cycles

AUTO recorded total revenue of IDR9.6 trillion in 1H25, growing +4.2% YoY, in line with our and consensus estimates at 48.6% and 48.1% of FY25...

MNC Sekuritas

AUTO IJ - Balancing Domestic Slowdown with Export Growth and Diversification

AUTO reported total revenue of IDR19.1tn in FY24, reflecting a modest increase of 2.3% YoY, in line with our/consensus estimates at 99.5%/99.6%.

MNC Sekuritas

Automotive Sectoral Update June 19, 2025

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613...

MNC Sekuritas

Automotive Sector Searching for Momentum: Will GIIAS Shift the Gears?

4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15.1% YoY (vs 71,391 units in May-24)

MNC Sekuritas

AUTO IJ - MNC Sekuritas Equity Report February 26, 2024

AUTO recorded a total revenue of IDR18.6tn or stood flat 0.4% YoY in FY23. Sales from related parties also saw a growth of 3.4% YoY, reaching...

MNC Sekuritas

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