External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. 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)

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>4M24 2W sales reached 2.1m units (-1% yoy; inline), while 4W wholesales remained weak at 263k units (-23% yoy, below our f’cast) </li><li>We trim our consolidated FY24/25F NP estimates by 6%/7% to factor in 18%/16% cutsin automotive revenue, and thus NP growth of -13%/-1%.</li><li>We maintain our Hold rating but with a lower TP of Rp5,100, as we see a more challenging growth outlook despite the stock’s cheap valuation</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>

4M24 2W sales reached 2.1m units (-1% yoy; inline), while 4W wholesales remained weak at 263k units (-23% yoy, below our f’cast) We trim our consolidated FY24/25F NP estimates by 6%/7% to factor in 18%/16% cutsin automotive revenue, and thus NP growth of -13%/-1%.We maintain our Hold rating but with a lower TP of Rp5,100, as we see a more challenging growth outlook despite the stock’s cheap valuationContent 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 - Lowering FY24-25F Est. And TP Amid Weaker Auto Sales Outlook