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ASII - FY24 PATMI above; diversification and initiatives as catalysts

Akhmad Nurcahyadi 04 March 2025

KBVS Update
Tuesday, 4 March 2025

ASII FY24 PATMI Above; diversification and initiatives as catalysts
(Maintain BUY; TP: IDR5,850)

* Despite persistent headwinds in the automotive sector, characterized by waning consumer confidence and broader economic challenges, ASII demonstrated resilience, achieving a commendable 4.5% yoy growth in net revenue and a 0.6% yoy increase in PATMI. In all FY24 net profit came in above ours and street expectation

* We anticipate that Astra will effectively navigate the prolonged uncertainties, maintaining its automotive market share and capitalizing on an expected resurgence in the mining contracting business segment, thereby sustaining growth into FY25. While the agribusiness segment is likely to deliver steady earnings, we recognize the pivotal role of Astra's financing divisions in mitigating prevailing market headwinds.

* United Tractors increased its renewable energy holdings with a 20.2% stake in SERD. Astra increased its stake in Halodoc to 31.3%, expanding its digital healthcare portfolio. Astra expanded into healthcare, acquiring 95.8% of Heartology Cardiovascular Hospital for Rp 643 billion. The Group's strategic diversification initiatives and ongoing business advancements are poised to serve as potent catalysts for medium-to-long-term growth.

* Maintain BUY, SOTP-TP of IDR 5,850 (7.3x P/E ‘25F), while currently trading at 5.7x ‘25F P/E or slightly above its -1SD 5.3x.

 

Regards,
Akhmad Nurcahyadi - KBVS Research

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