ASII - Astra car sales at 513,058 units in 11M23

ASII - Astra car sales at 513,058 units in 11M23 Conglomerate issuer Astra International (ASII) recorded car sales of 513,058 units in January-November 2023. ASII's car sales figures experienced a slight decline of 1.16% year-on-year (yoy) compared to sales as of November 2022 of 519,085 units. According to Astra, wholesale national car sales until November 2023 (year-to-date) were recorded at 921,058 units. It is hoped that the national automotive industry can continue to grow until the end of the year with the various product choices available. ASII still leads the car sales market share in Indonesia throughout the current year, with 56% of market share. (Source: Bisnis Indonesia). Comment: As expected, better Nov23 sales on monthly basis has made 11M23 4W sales figures closed to our ‘23F of 966,753 units and we believe FY23 sales volume achievement likely to surpassed our ‘23F conservative outlook. Maintain our Overweight stance on Auto Sector.