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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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