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Strength
Strong post-Eid sales with +53.5% MoM growth in May (non-ASII: 37.8% MoM), supported by higher market share of c.58% (55% in Apr-24; 57% in May-23), driven by mid and high-end products, particularly helped by new hybrid models in our view
Weakness
Weak 4W sales in 5M24 were mainly caused by election-related uncertainty and middle income segment's purchasing power constraints, partly on the back of the current high interest rate environment
Opportunity
The gov’t intends to beef up incentives from 4W hybrids, which have recently acquired greater traction than anticipated, given that BEV sales contribution to total industry sales is likely to remain low in the near term; share under-performance provides buying opportunities
Threat
Increased competition from BYD (planning to open a factory in Subang with an annual production capacity of up to 150k units) may hurt ASII’s market share; share price under-performance may persist on foreign selling as the stock is widely owned
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
