ASII’s net revenue decreased 1.1% YoY to IDR 243.61 trillion in 9M25. Revenue from the Automotive and Mobility segment (-9.1% YoY), Financial Services segment (-0.2% YoY), and Property segment (22.9% YoY) contributed to the decline in ASII’s revenue, however, growth in other segments experienced a slowdown growth.

ASII’s net profit fell 5.3% YoY to IDR 25.85 trillion in 9M25. This decline was driven by lower coal prices, but was offset by substantial contributions from its gold mining, financial services, agribusiness, and infrastructure businesses, despite a relatively stable automotive segment.

ASII plans to buy back shares with a maximum budget of IDR 2 trillion, provided the number of shares purchased does not exceed 20% of the company’s issued and paid-up capital.

We changed our recommendation from Buy to Hold, as the fair price target has been achieved. We maintained the same projection and fair value as in initiate report at IDR 6,100/saham.

By PHINTRACO SEKURITAS | Research
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