Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul>
<li>Condo and HDB rents gained momentum in 2021, but supply will rise in 2022 and 2023</li>
<li>Singapore’s flexible office space ranks 3rd most expensive globally</li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46" rel="noopener">Astra International (ASII IJ)</a> and <a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465" rel="noopener">Hongkong Land (HKL SP)</a> to form warehousing JV with LOGOS SE Asia</li>
</ul>


Condo and HDB rents gained momentum in 2021, but supply will rise in 2022 and 2023
Singapore’s flexible office space ranks 3rd most expensive globally

Astra International (ASII IJ) and Hongkong Land (HKL SP) to form warehousing JV with LOGOS SE Asia


ASEAN Builder's Scoop (29Mar22) - SG Flexible Office Ranks 3rd Most Pricey

<ul><li><a href="https://www.smartkarma.com/entities/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising efforts</li><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robust</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> Jan22 contracted pre-sales rose 87.7% YoY</li></ul>

Manulife US REIT (MUST) (MUST SP) 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising effortsAscendas Real Estate Investment Trust (AREIT SP) 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robustYanlord Land (YLLG SP) Jan22 contracted pre-sales rose 87.7% YoY

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

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 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

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)

ASEAN Builder's Scoop (29Mar22) - SG Flexible Office Ranks 3rd Most Pricey

Astra Land Indo/LOGOS forms Indo warehousing JV; Thai resi oversupply risk with record launches; Phils office demand to grow

SCCM Asia Research

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

MUST weak 4Q21 reversions a concern; AREIT improved occupancy and steady reversions; SG may levy prop-related wealth tax; ASII/HKL/Logos Indo...

SCCM Asia Research