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Strength
In Aug-24, domestic 4W wholesale sales experience MoM improvement to 76.3k (+2.9% MoM; -14.2% YoY); in terms of market share, ASII was able to maintain its industry dominance, with ~57% share in 8M24
Weakness
Eroded by Honda, Wuling, and BYD, ASII’s consolidated market share fell in Aug to 55% (July-24: 59%; Aug-23: 57%) while its LCGC performance also dropped to 75% (July-24: 81%; Aug-23: 72%)
Opportunity
Potential rate cuts and slight improvement in economic growth from 4.9% in 2024 to 5% in 2025 may help support 4W demand; YTD market underperformance provides trading opportunities for investors particularly on the start of foreign buying
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 potential downward revisions of total 4W sales, partly due to weak purchasing power from the middle-class
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.
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