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Strength
For ASII, we like its diversified earnings streams, supported by various subsidiaries in different sectors; DRMA’s expansion into new auto parts and models may help offset the potential impact of lower vehicle sales due to the VAT for luxury goods increase to 12%
Weakness
ASII’s non-hybrid automotive sales to remain low due to pressure from the 12% VAT for luxury goods, which may also affect DRMA’s revenue growth, while lower-than-expected operational efficiencies and low sales volumes may limit margin improvements
Opportunity
In 2025, locally manufactured HEVs will see 3% lower luxury tax incentive to benefit ASII; DRMA to be supported by potential partner-ships with Chinese players on minimum local content compliance; ASII’s market under-performance provides buying opportunities
Threat
Strong dollar for longer will cap Bank Indonesia’s ability to cut rates and hurt vehicle sales demand while weak IDR will lower purchasing power, resulting in continued market underperformance for both counters under our coverage
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.
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