Right On Track
Key Takeaways:
• ASII booked a revenue growth of 13.0% YoY to IDR162.4tn in 1H23, representing 52.5%/53.1% of the MNCS/consensus estimate for FY23E.
• Excluding income/losses from investments in GOTO, HEAL and other equities aside, ASII’s net profit actually grew 19.8% YoY to IDR17.3tn in 1H23 (vs IDR14.4tn in 1H22), representing 51.6%/59.6% of the MNCS/consensus estimate for FY23E.
• After having launched the Toyota Corolla Cross Hybrid in 1Q23, ASII have more hybrid releases in reserve which is likely to target the LMPV segment in the form of Avanza Veloz model. There has yet, however, to be any disclosures pertaining the price and specifications for the Veloz hybrid.
• In July-23, ASII acquired 100% of the shares of PT Tokobagus form Silver Indonesia JVCO. B.V otherwise more commonly known as “OLX”. The acquisition was conducted through PT Astra Digital International.
• We maintain BUY for ASII at a TP: IDR7,600 which implies a PE/PBV of 8.2x/1.1x in FY23E and 8.2x/1.0x in FY23E-24F.
MNCS Research
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