In today’s briefing:
- Adi Sarana Armada (ASSA IJ) – Harnessing Logistics and Autos
Adi Sarana Armada (ASSA IJ) – Harnessing Logistics and Autos
- Adi Sarana Armada (ASSA IJ) continues to represent a unique proxy to play both transport and logistics in Indonesia through its auto business plus logistics including last-mile player Anteraja.
- ASSA Rent is the largest car leasing leader in Indonesia, with Autopedia leading auto auctions and a leader in used car sales through Caroline, which is expanding its presence fast.
- Anteraja has seen rapid growth and may see some slowdown from e-commerce but continues to gain share and ASSA logistics continue to diversify. Valuations are attractive on 10x FY2023E PER.
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