ADMF booked a 2.3% increase in financing income in 3Q25. The durable goods segment was the main driver behind the rise in ADMF’s financing income in 3Q25, recording Rp496 billion (+5.93% QoQ; +18.13% YoY).

ADMF booked its highest new booking in the past year during 3Q25. ADMF successfully booked a 22.89% QoQ increase in new booking to Rp10.2 trillion, marking the highest level in the last twelve months.

With room remaining for a further rate cut to 4.50%, both car and motorcycle sales are expected to continue growing into 4Q25. Consequently, the growth in vehicle sales will be reflected in ADMF’s new booking performance for FY25.

Bottom line, profitability, and asset quality continued to improve on a quarterly basis. On the bottom line, ADMF booked a net profit of Rp337 billion in 3Q25 (+4.27% QoQ; -3.52% YoY). This increase was supported by a decline in expenses, which fell by 3.66% QoQ and 10.45% YoY to Rp443 billion.

We maintain our Buy rating for ADMF with the same fair value target price as stated in our previous ADMF initiate report at Rp10,475.

By PHINTRACO SEKURITAS | Research
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