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Strength: In 3Q24, DRMA's 2W auto-parts sales jumped 18.8% YoY/22.3% QoQ, higher than industry growth (AISI 3Q24: 12.0% YoY/18.5% QoQ) mainly due to sales diversification to new models; increased new export sales to the US from associate (Dharma Kyungshin) provided extra boost to bottom line
Weakness: 33% YoY decline in 3Q24 4W auto-parts sales, primarily due to significant drop in production by DRMA’s 4W customers (Gaikindo 3Q24: -11.1% YoY) on the back of weak demand, partly caused by the current high interest rate environtment and weak purchasing power
Opportunity: Recently signed technical assessment agreement with major international auto-parts companies is expected to pave the way for future innovation; development of EV related auto-parts could result in future growth; 23% YTD market under-performance may allow buying opportunities
Threat: Continued high interest rates, soft purchasing power and IDR depreciation may result in persistently low 4W demand, adversely impacting DRMA’s performance; that said, we have cut our earnings as well as our TP; this may result in further market underperfomance
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