Record-high first-half results for 2026 Quick Note

研报英文原文证据摘录

Record-high first-half results for 2026 Quick Note

Nomura Securities Malaysia Sdn Bhd

Astra Otoparts AUTO.JK AUTO IJ 30 July 2026

EQUITY: AUTOS & AUTO PARTS

RatingRecord-high first-half results for 2026 Remains Buy

Target price IDR 3,300 RemainsQuick Note

Closing price IDR 2,760 30 July 2026Record 1H and the margin drag should reverse

AUTO delivered a record first-half results for 2026. Net profit of IDR592bn in 2Q26 (+37%

yoy), underpinned by 2Q26 revenue of IDR5,596bn (+19% yoy), led to 1H26 profit of

IDR1,151bn (+23% yoy) — the highest first-half in the company’s history, with 1H26 Research Analysts

revenue of IDR10.9tn (+13% yoy). The one soft spot, manufacturing margin, is in our view Indonesia Research Team

temporary and close to an inflection point, and we expect it to recover from late-3Q26 into Ahmad Maghfur Usman - NSM

4Q26, suggesting 2Q26 would be the trough and leaves risk to our FY26F manufacturing ahmad.maghfurusman@nomura.com

margin skewed to the upside. +603 2027 6892

Manufacturing — volumes accelerated, margin took the raw material hit Onshore expert

Manufacturing revenue rose +20% yoy to IDR3,215bn in 2Q26, a clear acceleration from

Jupriadi Tan (jupriadi.tan@verdhana.id)the mid-single-digit growth of recent quarters, on higher OEM offtake in both 2W and 4W.

For 1H26, manufacturing revenue reached IDR6,281bn (+12% yoy). Segment GPM came David Tjahjadi

in at 6.5% in 2Q26 versus 8.1% in 1Q26 and 7.1% in 2Q25. We attribute this to raw (david.tjahjadi@verdhana.id)

material cost inflation and a weaker IDR running ahead of price pass-through.

Gerald Hugo (gerald.hugo@verdhana.id)

Pass-through is incomplete and aluminum has already turned

The cost picture is more constructive than the headline margin implies. Steel-based Theonshoreexperts,whoare