Daily Brief Indonesia: Astra International, Zi Care Technology, Fit Hub and more

In today’s briefing:

Astra International (ASII IJ) – A Solid Start with Data in Mind

Astra International (ASII IJ) registered a strong start to the year with strong growth across most of its major divisions in 1Q2023, including 4W, 2W, Financial Services, and Heavy Equipment.
The company’s market share in the auto business remained stable and increased for motorcycles, whilst heavy equipment and mining benefited from higher coal prices and infrastructure improving revenues on toll-roads.
Astra has launched a new JV with Equinix to build data centres in Indonesia, which makes an interesting addition to its digital economy exposure. Valuations are attractive relative to history.

Singapore-based early-stage VC firm Oriza Greenwillow Technology Fund has committed to investing US$2 million in Indonesian startup Zi.Care, which digitises medical records for hospitals.
The Jakarta-headquartered electronic medical records (EMR) startup is eyeing a total of US$3 million in this Series A round. Several other regional VCs will also be invited to participate.
The startup will use funds to strengthen its focus on increasing digitalisation in the health sector.

Living a healthy lifestyle can be burdensome and expensive. Indonesian startup Fit Hub is on a mission to democratize health for middle- and low-income households in Indonesia by offering affordable gym memberships.
In Indonesia, the average membership costs US$50 per month, while the startup charges US$17.
Since being founded in 2020, Fit Hub has opened up 60 offline clubs across 14 cities in Indonesia. It plans to open 100 clubs by the end of the year.

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