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Strength
ASII’s Jul-24 MoM sales decline of -0.3% was slightly better than industry’s (-0.6% MoM) and non-ASII’s performance (-1.0% MoM), with Toyota and Lexus posting positive sales growth of +6.5% MoM; ASII’s 7M24 LCGC market share rose to 81% (7M23: 72%), which we attribute primarily to downtrading
Weakness
Weak overall 4W sales in Jul-24 (-0.6% MoM; -7.9% YoY), even with GIIAS; for comparison, GIIAS 2023 led to double-digit MoM growth in 4W sales of +10.5%
Opportunity
Potential rate cuts and slight improvement in economic growth from 4.9% in 2024 to 5% in 2025 may boost 4W demand; market underperformance provides buying opportunities
Threat
The mandatory TPL insurance regulation in 2025F and higher VAT for hybrid cars may dampen overall 4W demand; stock under-performance may persist on foreign selling as the stock is widely held, coupled with potential downward revisions of total 4W sales
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.
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