Research & Stock Picks

Company Reports

30 August 2024

By

Automotive: 1H24 Results Round-up

  • The two auto companies we cover posted 1H24 soft consolidated top-lines, declining -1.6% YoY, with DRMA reporting negative revenue growth of -6.7% YoY and ASII -1.5% YoY. The soft figures are aligned with broader trends in Indonesia’s auto sector, where 2W domestic sales fell -1.0% YoY and 4W wholesale sales dropped -19.4% YoY during the same period. On the bottom line, our auto coverage recorded  consolidated net profit decline of -6.7% YoY in 1H24.
  • We project auto sales to remain relatively slow for the rest of the year, driven by two primary factors: 1) persistent inflation, and 2) potential shift in the government’s rate cut strategy from proactive to reactive, prolonging the high interest rate environment. Additionally, the mandatory TPL policy may further dampen domestic demand for auto products.
  • At this juncture, we maintain our Neutral rating on the auto sector and favor ASII as our top pick. We believe ASII’s diversified revenue stream may help cushion some of the impact of soft auto demand going forward. Furthermore, its dominant market share in the Indonesian auto market is likely to support its profitability. Downside risks: 1) lower-than-expected purchasing power, 2) continued high interest rate environment; Upside risks: 1) better-than-expected purchasing power, 2) lower interest rate and inflation.

Share This:

Download PDF

Download PDF

Auto 2Q24 results

Download PDF

Auto 2Q24 results

More Related

Technical Stock Analysis

May 20, 2025

Economic Reports

May 19, 2025

Morning Briefs

May 19, 2025

Technical Stock Analysis

May 19, 2025

Economic Reports

May 18, 2025

Technical Stock Analysis

May 16, 2025

Morning Briefs

May 16, 2025

Economic Reports

May 15, 2025

Technical Stock Analysis

May 15, 2025

Company Reports

May 15, 2025

Morning Briefs

May 15, 2025

Economic Reports

May 14, 2025

Company Reports

May 14, 2025

Morning Briefs

May 14, 2025

Technical Stock Analysis

May 14, 2025

Technical Stock Analysis

May 9, 2025

Morning Briefs

May 9, 2025

Technical Stock Analysis

May 8, 2025

Company Reports

May 8, 2025

Economic Reports

May 7, 2025

Technical Stock Analysis

May 7, 2025

Morning Briefs

May 7, 2025

Company Reports

May 6, 2025

Economic Reports

May 6, 2025

sawit

Company Reports

May 6, 2025

laba bris

Company Reports

May 6, 2025

Company Reports

May 6, 2025

Technical Stock Analysis

May 6, 2025

Economic Reports

May 5, 2025

Technical Stock Analysis

May 5, 2025

Morning Briefs

May 5, 2025

Economic Reports

May 4, 2025

laba bank bmri

Company Reports

May 2, 2025

Economic Reports

May 2, 2025

Economic Reports

May 2, 2025

Technical Stock Analysis

May 2, 2025

Morning Briefs

May 2, 2025

Economic Reports

May 1, 2025

Technical Stock Analysis

Apr 30, 2025

Morning Briefs

Apr 30, 2025

Economic Reports

Apr 29, 2025

tren harga CPO

Company Reports

Apr 29, 2025

Technical Stock Analysis

Apr 29, 2025

Economic Reports

Apr 29, 2025

Technical Stock Analysis

Apr 28, 2025

Morning Briefs

Apr 28, 2025

Technical Stock Analysis

Apr 25, 2025

Morning Briefs

Apr 25, 2025

Economic Reports

Apr 24, 2025

pertumbuhan bbca

Company Reports

Apr 24, 2025

Technical Stock Analysis

Apr 24, 2025

Morning Briefs

Apr 24, 2025

Economic Reports

Apr 23, 2025

Economic Reports

Apr 23, 2025

Technical Stock Analysis

Apr 23, 2025

Morning Briefs

Apr 23, 2025

Technical Stock Analysis

Apr 22, 2025

Economic Reports

Apr 22, 2025

Economic Reports

Apr 21, 2025

Technical Stock Analysis

Apr 21, 2025

Morning Briefs

Apr 21, 2025

Technical Stock Analysis

Apr 17, 2025

Morning Briefs

Apr 17, 2025

Economic Reports

Apr 16, 2025

Technical Stock Analysis

Apr 16, 2025

Morning Briefs

Apr 16, 2025

Economic Reports

Apr 15, 2025

Technical Stock Analysis

Apr 15, 2025

Economic Reports

Apr 14, 2025

Economic Reports

Apr 14, 2025

Technical Stock Analysis

Apr 14, 2025

Morning Briefs

Apr 14, 2025

Technical Stock Analysis

Apr 11, 2025

Morning Briefs

Apr 11, 2025

Economic Reports

Apr 10, 2025

Morning Briefs

Apr 10, 2025

Economic Reports

Apr 9, 2025

Technical Stock Analysis

Apr 9, 2025

Morning Briefs

Apr 9, 2025

Economic Reports

Apr 8, 2025

Economic Reports

Apr 8, 2025

Morning Briefs

Apr 8, 2025

Technical Stock Analysis

Apr 8, 2025

Morning Briefs

Mar 27, 2025