Strong as Ever
Key Takeaways:
• AUTO secured a total revenue of IDR9.4tn, growing by 9.3% YoY in 1H23. Revenue from the manufacturing division came in at IDR5.8tn, soaring 14% YoY on the back of higher sales from the original equipment manufacturer (OEM) segment. AUTO’s 2W and 4W sales also saw a growth of 42.5%/6.5% YoY, respectively.
• Moreover, sales from related parties also jumped (23.7% YoY) to IDR3.5tn in 1H23. Astra Honda Motor (AHM) and Astra Daihatsu Motor (ADM) dominated this segment, each accounting for 22.8%/8.4%, respectively.
• Revenues from JV soared 41.9% YoY to IDR415.3bn (vs IDR292.7bn in 1H22).
• Profitability wise, EBITDA margin rose 8.1% (vs 5.1% in 1H22) which was made possible by optimizing maintenance costs through digitalization, which as a result gave leeway for the company to squeeze costs.
Meanwhile, the net income was able to reach IDR801.5bn (+85.3% YoY) and slightly higher than our/consensus estimates at 53.4%/50.6%.
• We maintain BUY for AUTO with a higher TP : IDR3,500, which implies PE/PBV 9.4x/1.0x on FY23E and 8.4x/0.9x in FY24F.
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