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>ASII currently trades at a PBV of 1x vs. 2.8x in FY16, despite a similar ROE level of 16% and improved financial and infra segments.</li><li>ASII’s share price is 13%-26% below peers’ valuation of its businesses, reflecting underappreciation of financial and auto parts.</li><li>We reiterate our BUY rating with a higher TP of Rp5,700, as we believe its resilient 4W market share deserves a higher premium.</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 currently trades at a PBV of 1x vs. 2.8x in FY16, despite a similar ROE level of 16% and improved financial and infra segments.ASII’s share price is 13%-26% below peers’ valuation of its businesses, reflecting underappreciation of financial and auto parts.We reiterate our BUY rating with a higher TP of Rp5,700, as we believe its resilient 4W market share deserves a higher premium.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 - Valuation Discount Implies Auto Business Is Still Underappreciated

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 IDR160.0tn revenue in 1H24, decreasing by -1.5% YoY and representing 49.5%/51.7% of the MNCS/Consensus estimates for FY24E.</li><li>The automotive segment recorded IDR65.0tn sales, declining by -1.1% YoY.</li><li>Aligned with the downtrend in national car sales to 408k units (-19% YoY) in 1H24, ASII saw a -17% YoY slowdown in 4W sales to 232 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 IDR160.0tn revenue in 1H24, decreasing by -1.5% YoY and representing 49.5%/51.7% of the MNCS/Consensus estimates for FY24E.The automotive segment recorded IDR65.0tn sales, declining by -1.1% YoY.Aligned with the downtrend in national car sales to 408k units (-19% YoY) in 1H24, ASII saw a -17% YoY slowdown in 4W sales to 232 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 - MNC Sekuritas Equity Report August 16, 2024

<ul><li>ASII 1H24/2Q24 NP fell -9%/-4% yoy, but still accounted for 53%/53% of our and consensus estimate, higher than historical seasonality.</li><li>ASII Jul24 sales improved +7% mom, implying 7M24 growth of -15% yoy (vs 6M24 -17% yoy); mgmt. aims to introduce new 4W models.</li><li>We raise our FY24/25F auto and UNTR EBIT by 6%-7%/2%-6%. Reiterate our BUY rating with 4% higher TP of Rp 5,300.</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 1H24/2Q24 NP fell -9%/-4% yoy, but still accounted for 53%/53% of our and consensus estimate, higher than historical seasonality.ASII Jul24 sales improved +7% mom, implying 7M24 growth of -15% yoy (vs 6M24 -17% yoy); mgmt. aims to introduce new 4W models.We raise our FY24/25F auto and UNTR EBIT by 6%-7%/2%-6%. Reiterate our BUY rating with 4% higher TP of Rp 5,300.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 - Upgrading Est. And TP on Better 4W Market Share

<ul><li>Our visit to GIIAS 2024 revealed aggressive Chinese 4W product launches with many choices in multiple price range.</li><li>We observed decent traffic at the Toyota booth, with Innova Zenix and Hilux Rangga attracting the most interest.</li><li>BYD’s new M6 MPV garnered attention, though we think it is still not comparable to Innova. Retain Buy rating and TP of Rp 5,100 on ASII.</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.

Our visit to GIIAS 2024 revealed aggressive Chinese 4W product launches with many choices in multiple price range.We observed decent traffic at the Toyota booth, with Innova Zenix and Hilux Rangga attracting the most interest.BYD’s new M6 MPV garnered attention, though we think it is still not comparable to Innova. Retain Buy rating and TP of Rp 5,100 on ASII.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 - Intensifying Competition Amid Chinese Producers Product Launches

<ul><li>We expect ASII’s 1H24 auto revenue/OP to decline by -13%/-45%, and financial segment revenue/OP to expand by 12%/18% yoy.</li><li>We expect HE’s 2Q24 earnings to improve +25% qoq, driving a potential beat for ASII’s 1H24 consolidated earnings.</li><li>We reiterate our BUY rating with a TP of Rp 5,100; 2H24E 4W sales will be a critical driver for ASII’s 2H24 earnings.</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 expect ASII’s 1H24 auto revenue/OP to decline by -13%/-45%, and financial segment revenue/OP to expand by 12%/18% yoy.We expect HE’s 2Q24 earnings to improve +25% qoq, driving a potential beat for ASII’s 1H24 consolidated earnings.We reiterate our BUY rating with a TP of Rp 5,100; 2H24E 4W sales will be a critical driver for ASII’s 2H24 earnings.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 - Possible Earnings Beat, Driven by Strong Financials and Qoq HE Improvement

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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