Company Update

07 Maret 2024

ASII IJ - MNC Sekuritas Equity Report March 7, 2024

Strong Performance in FY23 & Strategic Moves to Secure Market Share

Key Takeaways:
▪️ ASII booked a +5.0% YoY revenue increase in FY23 to IDR316.6tn, representing 102%/104% of the MNCS/Consensus estimate.

▪️ The automotive segment grew by +5.9% YoY to IDR128.3tn, followed by a +12.2% YoY increase of financial services segment to IDR29.9tn.

▪️ ASII’s net profit escalated by +16.9% YoY to IDR33.8tn in FY23 (vs IDR28.9tn in FY22), reflecting 100%/116% of the MNCS/Consensus estimate.

▪️ We maintain BUY for ASII at a TP: IDR7,000 which implies a PE/PBV of 5.8x/0.8x in FY24E and 5.1x/0.7x in FY25F. Its stable financial position and strong brand positioning should be able to drive growth. Meanwhile, the “Korea and China car”, would be the main points of concern. At present, ASII is trading at the level of -1 STD PE Ratio (5-year average PE) with a current PE level of 6.2x.

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