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Strength
ASII’s Jan-25 market share rose to 55.8%, up from 52.8% in Dec-24 and 54.5% in Jan-24, reflecting the resilience of its stronger auto brands, particularly Toyota, which booked 4W sales growth of +4.8% YoY in Jan-25, solidifying its position as market leader
Weakness
In 1M25, 4W sales declined 22.5% MoM and 11.3% YoY, mainly due to implementation of 12% VAT, which triggered pull-forward effect as consumers rushed their purchases before the tax hike, and the end of seasonal factors, including year-end discounts
Opportunity
IIMS 2025 (13-23 Feb-25) could attract more buyers with attractive discounts, boosting 4W sales’ MoM growth; ASII’s locally manufactured HEVs will benefit from 3% luxury tax incentive, which should help support HEV sales
Threat
Unfavorable economic conditions may adversely continue to affect purchasing power, particularly in the middle-income segment; IDR depreciation could negatively impact ASII’s and DRMA’s margins and lead to persistent market underperformance
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