2Q26: Resilience in Autos & Financial Services continues

Research evidence excerpt

2Q26: Resilience in Autos & Financial Services continues

Update

July 30, 2026 04:36 PM GMT

Morgan Stanley Asia (Singapore) Pte.+MAstra International Tbk PT | Asia Pacific Divya Gangahar Kothiyal

Equity Analyst

2Q26: Resilience in Autos & Divya.Gangahar@morganstanley.comEileen Lin +65 6834-6438

Research Associate

Eileen.Lin@morganstanley.com +65 6834-5060

Financial Services continues

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Astra International Tbk PT (ASII.JK, ASII IJ)

Source: Company data, Morgan Stanley Research ASEAN Consumer | Indonesia

Stock Rating Overweight

Industry View Attractive

Key Takeaways Price target Rp6,800

Up/downside to price target (%) 37

Astra's 2Q core NPAT was Rp8.1tn (-7% y/y), in-line with MSe. Auto profits grew Shr price, close (Jul 30, 2026) Rp4,950

25% y/y while financial services profits showed steady growth at 8% y/y. 52-Week Range Rp7,475-4,350

Sh out, dil, curr (mn) 40,484

1H26 core NPAT declined 7% y/y with autos +9%, financial services +6% and Mkt cap, curr (bn) Rp200,393

EV, curr (bn) Rp229,311

HEMCE down 46% y/y. Reported PATMI was down 19% y/y due to impairment Avg daily trading value (bn) Rp300

losses. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Auto profit growth was supported by strong 4W volume growth which drove EPS (Rp)** 809.44 812.80 851.56 877.31

EPS (Rp)§ 791.58 735.68 817.47 862.28

better than expected margins in ADM. Auto Components PAT also grew strongly, Revenue, net (Rp tr) 323.39 327.24 346.59 360.14

+37% y/y. EBITDA (Rp tr) 58.28 58.04 60.32 62.18

ModelWare net inc (Rp 32.77 32.90 34.47 35.52

Financial services showed steady trends. In 1H, 4W financing profit rose 6% y/y tr)

P/E 8.3 6.1 5.8 5.6