ASII - Weak 1Q25 PATMI on mild topline

ASII - Weak 1Q25 PATMI on mild topline Astra International (ASII) recorded a lower 1Q25 PATMI by -7.1% yoy, mainly driven by mild top line growth coupled with weaker share of results of JV and associates. Worth to note that net profit before FV adjustment on investments in GoTo and Hermina was grown by -9% yoy. Despite the poor growth, 1Q25 net income came inline within street forecast and our ‘25F PATMI for ASII at a run-rate of 20.8%/21.5% vs 23.9%. On segmentation basis, agribusiness segment saw the highest revenue growth (46.3% yoy). Despite small portion contribution to consolidated revenue, Infrastructure and Information Technology revenue saw a high growth of 26.1% yoy and 18.0% yoy, respectively. The mild revenue (2.6% yoy) was mainly driven by Automotive segment (-6.4% yoy). On bottom line divisional growth, HEMCE reported 30.0% yoy lower while Automotive declined by 3.7% yoy. Agribusiness posted higher growth of 20.1% yoy. Maintain Buy with SOTP TP of IDR 5,850, pegged at 7.3x ‘25F P/E, while currently trading at 6.0x ‘25F P/E, or above its -1SD of 5.3x. (Source : Company, KBVS Research)