Astra International: IDR8tn buyback program + TSR target announced

研报英文原文证据摘录

Astra International: IDR8tn buyback program + TSR target announced

Accessible version

Astra International

IDR8tn buyback program + TSR target

announced

Maintain Rating: BUY | PO: 7,200 IDR | Price: 5,600 IDR

Strategic Review takeaways: focus on core, TSR-driven 26 May 2026

Astra hosted its Strategic Review Briefing on May 25th. The overall messaging was Equity

largely consistent with previously communicated strategy, centered on portfolio focus

and capital discipline. While the update may appear underwhelming given the absence of Jessie Lo >> Research Analyst

hard targets and the reliance on framework-level guidance for divestment, M&A and Merrill Lynch (Singapore)

capital reallocation, several positive elements stood out to us: 1) a committed IDR8tn +65jessie.lo@bofa.com6678 1134

buyback program over the next 12 months, and 2) share-based compensation linked to Mcrid Wang >>

absolute TSR target (low-teens over the next 5 years). Maintain Buy as the clearer TSR Research Analyst

Merrill Lynch (Singapore)

commitment, alongside continued buyback should underpin share price performance. mcrid.wang@bofa.com

Focus on core pillars: auto, financing, HEMCE

Astra reaffirmed its focus on three core pillars: automotive, financial services and

Stock DataHEMCE. In automotive, Astra focuses on expanding 4W (hybrids), sustaining 2W

leadership, improving cost efficiency, deepening aftersales/parts, and scaling used car Price 5,600 IDR

platforms alongside bolt-on M&A. In financial services, the strategy centers on Price Objective 7,200 IDR

reactivating customers, strengthening attachment to vehicle buyers, and expanding Date Established 1-Apr-2026

multi-cycle financing. In HEMCE, Astra aims to expand mining services and customer Investment Opinion B-1-7