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■ *Caroline to boost ASLC’s revenue CAGR.* ASLC, Indonesia’s largest listed used vehicle player, is set to achieve 18.2% revenue CAGR from 2024–27F, driven by Caroline’s strong performance, particularly in its second-hand 4W business. We expect ASLC to book 2026F revenue of IDR 830bn (+23.6% YoY) with improved gross margin of 5.4% on the back of showroom expansions, market share gains, and higher ASP. In 6M25, the company’s consolidated revenue reached IDR 447.1bn (+17.1% YoY), though gross margin slipped due to higher vehicle purchase prices.
■ *Used cars remain more attractive than new ones amid soft purchasing power.* According to OJK’s April 2025 data, used car financing grew 9.8% YoY, while new car financing declined. ASLC’s 2Q25 revenue rose +13.2% YoY to IDR 224.6bn, driven by strong used car sales, although net profit fell -49.2% YoY. Going forward, used cars are expected to outperform new cars due to lower monthly payments and omnichannel convenience, despite higher interest rates and competition from affordable EVs.
■ *We initiate coverage on ASLC with a BUY rating and TP of IDR 135 (61% upside)*, driven by Caroline’s market share growth and ASLC’s auction ecosystem. The valuation uses an SOTP approach, with a 2026F P/E of 29.4x. Key risks include weaker car sales, slower auction activities, and slower market-share expansion.
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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