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 expect 4W growth of 10% yoy, driven by the resilient middle-upper segment, and higher adoption of hybrids/EV (12-13% penetration rate).</li><li>However, we expect flattish 2W growth amid tighter liquidity and expectation of stricter underwriting due to rising NPF.</li><li>We maintain OW rating on sector, on expectation of sustained recovery, yet there is an overhang on tax effect. We reiterate Buy rating 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.

We expect 4W growth of 10% yoy, driven by the resilient middle-upper segment, and higher adoption of hybrids/EV (12-13% penetration rate).However, we expect flattish 2W growth amid tighter liquidity and expectation of stricter underwriting due to rising NPF.We maintain OW rating on sector, on expectation of sustained recovery, yet there is an overhang on tax effect. We reiterate Buy rating 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.

Automotive: FY25 Outlook: Recovery in 4W, Flattish 2W Sales (OVERWEIGHT)

<ul><li>ASII posted strong 9M24 earnings (above) due to recovery in auto, along with strong financial and HE segments.</li><li>We lifted our EPS est. by 10%/13%/10% in FY24F/FY25F/FY26F, driven by higher 2W sales, financial, and HE segment.</li><li>We reiterate our Buy rating with a 3% higher TP of Rp5,900. We expect the steady recovery in 3Q24 to continue in 4Q24F onwards.</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 posted strong 9M24 earnings (above) due to recovery in auto, along with strong financial and HE segments.We lifted our EPS est. by 10%/13%/10% in FY24F/FY25F/FY26F, driven by higher 2W sales, financial, and HE segment.We reiterate our Buy rating with a 3% higher TP of Rp5,900. We expect the steady recovery in 3Q24 to continue in 4Q24F onwards.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 -  Raising Our FY24F-FY26F Est.,

<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

Indonesia

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

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Astra International (ASII IJ)

Automotive: FY25 Outlook: Recovery in 4W, Flattish 2W Sales (OVERWEIGHT)

We expect 4W growth of 10% yoy, driven by the resilient middle-upper segment, and higher adoption of hybrids/EV (12-13% penetration rate).

BRI Danareksa Research

Astra International - Raising Our FY24F-FY26F Est.,

ASII posted strong 9M24 earnings (above) due to recovery in auto, along with strong financial and HE segments. We lifted our EPS est. by 10%/13%...

BRI Danareksa Research

Astra International - Valuation Discount Implies Auto Business Is Still Underappreciated

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.

BRI Danareksa Research

ASII IJ - MNC Sekuritas Equity Report August 16, 2024

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.

MNC Sekuritas

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