Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul><li>After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.</li><li>The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.</li><li>Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.</li></ul>

After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

A New Era for Jardine Matheson: An Under-The-Radar Transformation.

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.

<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

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> recently released finely balanced set of FY2024 results, with weaker auto sales offset by stronger 2W and financial segment performance, with other segments also performing above expectations.</li>
<li>Financial services growth was driven by stronger multifinance growth, whilst the heavy equipment division saw stronger growth from mining contracting and gold offsetting slower growth from coal mining.</li>
<li>Astra continues investing in sustainable energy, nickel, and healthcare and looks for new opportunities. Valuations remain attractive on less than 6x forward PER and yield &gt; 8%. </li>
</ul>



Astra International recently released finely balanced set of FY2024 results, with weaker auto sales offset by stronger 2W and financial segment performance, with other segments also performing above expectations.
Financial services growth was driven by stronger multifinance growth, whilst the heavy equipment division saw stronger growth from mining contracting and gold offsetting slower growth from coal mining.
Astra continues investing in sustainable energy, nickel, and healthcare and looks for new opportunities. Valuations remain attractive on less than 6x forward PER and yield &gt; 8%. 


Astra International (ASII IJ) - Resilience in Motion

<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-otoparts-tbk-pt" target="_blank" data-smartkarma-citation="entities:16766:1" rel="noopener">Astra Otoparts (AUTO IJ)</a> looks set to see increasing contributions from its modern retail push, which will boost its trading business and should see margins improving over time.</li>
<li>AUTO is pushing into both the EV component space and manufacturing public and residential EV charging equipment. It is also venturing into medical devices as local content becomes a requirement.</li>
<li>AUTO has outperformed the auto market since the pandemic and looks set to continue to do so through new growth segments. Valuations attractive on 5.5x forward PER and 8% yield.</li>
</ul>



Astra Otoparts (AUTO IJ) looks set to see increasing contributions from its modern retail push, which will boost its trading business and should see margins improving over time.
AUTO is pushing into both the EV component space and manufacturing public and residential EV charging equipment. It is also venturing into medical devices as local content becomes a requirement.
AUTO has outperformed the auto market since the pandemic and looks set to continue to do so through new growth segments. Valuations attractive on 5.5x forward PER and 8% yield.


Astra Otoparts (AUTO IJ) - EVs, Modern Retail, and Medical Equipment

Indonesia

Astra Otoparts is Indonesia's largest automotive component manufacturing and trading company, producing and distributing a wide range of spare parts for both two-wheeled and four-wheeled vehicles. It serves both the Original Equipment Manufacturer (OEM) and Replacement Market (REM) segments, with products distributed across Indonesia and exported to over 40 countries. The company is headquartered in Jakarta, Indonesia, and was founded in 1976.

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Astra Otoparts (AUTO IJ)

A New Era for Jardine Matheson: An Under-The-Radar Transformation.

After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

Asian Century Stocks

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

Astra International (ASII IJ) - Resilience in Motion

Astra International remains one of the best proxies for the Indonesian economy, with broad exposure through autos, finance, and heavy equipment and...

Angus Mackintosh

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