Profile

Industry Sector Miscellaneous Industry
Industry Sub Sector Automotive and Components
Established 20 February 1957
Listed 4 April 1990
Listed company code ASII
Listed Shares 40,483,553,140
Major Shareholders (>5%) Jardine Cycle & Carriage Ltd (50.11%)
Key Subsidiaries Astra Agro Lestari
United Tractors
Astra Otoparts
Toyota Astra Motor
Astra Daihatsu Motor
Astra Credit Company

Stock Quote Astra International - ASII:

Business Summary

Astra, Indonesia's biggest publicly traded company, is currently engaged in six business lines:

Automotives
Agribusiness
Heavy equipment, mining and energy
Financial services
Information technology
Infrastructure and logistics

Astra has shown strong and sustained growth after Indonesia was hit by the Asian Financial Crisis in the late 1990s. This severe crisis forced the company to restructure and reorganize its business model (including a takeover by the Hong Kong based Jardine Matheson Group in 1999 through its subsidiary Jardine Cycle & Carriage Ltd).

The company has won numerous corporate awards - both national and international - in recent years and has set the ambitious goal of establishing its brand name globally as the pride of Indonesia by 2020.

As of 2015, Astra International employs more than 225,580 people in 183 companies (including subsidiaries, associates and jointly-controlled entities).

Starting as a small trading business founded by the brothers William Soerjadjaya and Tjia Kian Tie, PT Astra International Tbk has developed into an impressive conglomerate that operates predominantly in Indonesia and forms the largest listed company on the Indonesia Stock Exchange (IDX) with a total market capitalization of more than seven percent. The company is Southeast Asia's largest automotive group and provides a full range of automobile and motorcycle products, although in recent years it has lessened its traditional dependency on the automotive industry by expanding into other sectors to grow other revenue streams.

In the automotive industry, Astra International's core business, the company holds a domestic market share of between 50 and 60 percent. Through a jointly-controlled entity with the Toyota Motor Corporation, Astra holds the exclusive right to sell Toyota vehicles on the Indonesian market. This Toyota brand is the dominant leader in Indonesia's wholesale car market. Astra also partners with Daihatsu, Isuzu, Nissan Diesel, Peugeot, BMW automobiles, and Honda motorcycles.

In addition to the production and distribution of its automobile lines, Astra offers consultation services for the purchases of new cars, as well as insurance and financing services to support its automotive, motorcycle and heavy equipment sales. For mining, plantation, construction and forestry it delivers heavy equipment, related parts and after sales services.

Other sectors that Astra has started to tap (through its subsidiaries) are coal mining, agribusiness (palm oil), information technology, infrastructure (toll roads, water supply in Jakarta and an oil tanking terminal in Gresik), as well as IT solutions services.

Astra International's Net Income per Business Segment:

Business Segment    2012
   2013
   2014    2015    2016
Automotive   9,472   9,829   8,491   7,464   9,166
Financial Services   3,714   4,273   4,750   3,555    789
Heavy Equipment & Mining   3,500   2,971   3,263   2,342   3,032
Agribusiness   1,920   1,435   1,996    493   1,599
Infrastructure, Logistics & Other    683    748    491    195    263
Information Technology    132    161    200    204    196
Total  19,421  19,417  19,191  14,464  15,156

in billion of IDR rupiah
Source: Astra International, Annual Report 2016

Astra International's Financial Highlights:

     2009    2010    2011    2012    2013    2014    2015    2016
Net Revenue  98,526 129,038 162,564 188,053 193,880 201,701 184,196 181,084
Gross Profit  22,771  25,921  32,034  36,200  35,311  38,809  36,710  36,432
Net Profit  10,040  14,366  17,785  19,421  19,417  19,191  14,464  15,156
Total Assets  88,938 113,362 154,319 182,274 213,994 236,029 245,435 261,855
Total Liabilities  40,006  54,559  78,481  92,460 107,806 115,840 118,902 121,949
Net Earnings
per Share¹
   248    355    439    480    480    474    357    374
Dividend
per Share¹ ²
   112    160    198    216    216    216    177    168

in billion of IDR rupiah, unless stated otherwise
¹ in IDR rupiah
² all figures adjusted to stock split
Source: Astra International, Annual Report 2016

Future Outlook of Astra International

Astra International is likely to retain its position as a top Indonesian company in the foreseeable future. With its expanding diversified businesses, the company is present in almost every major sector of the Indonesian economy and thus not so much dependent on the volatility of one specific sector as most other Indonesian companies. The automotive business is still Astra's core business although it has drastically lessened its traditional dependency on car sales. In the early 2000s, around 80 percent of Astra's revenue came from the automotive business but currently this number has declined to 50 percent. A deliberate change of course as prospects of the car industry are increasingly frustrated by government policy. The government is trying to curb huge subsidies on fuel, raised taxes for the possession of more than one car and has curbed excessive lending for vehicle purchases (by stipulating a higher downward payment for car purchases). This can cause profits from the automotive industry to become less robust in the future. On the other hand, Indonesia's current low car per capita ratio in combination with expanding purchasing power keeps car sales on track. In 2013, car sales hit a record high of over 1.2 million sold vehicles.

The Astra Group is financially sound and has a strong presence in various markets. As such, the company is well positioned to benefit from Indonesia’s economic growth, natural resources and infrastructure development. The outlook for 2014 remains positive, despite heightened competition in the car market and weak coal prices, while concerns about possible increases in interest rates as well as rupiah volatility remain.

Future Projection Financial Performance Astra International:

    2015   2016   2017F
Net Revenue 184,196 181,084 198,515
EBITDA  20,706  25,863
Net Profit  14,464  15,156  18,870
P/E Ratio (x)    22.7    17.4
PBV (x)     3.2     2.7

in billion of IDR rupiah, unless stated otherwise
Source: Samuel Sekuritas (22/12/2016)

Location

Contact Details

Jalan Gaya Motor Raya No. 8
Sunter II - North Jakarta
Jakarta - 14330
Phone: +62 21 652 2555
Fax: +62 21 651 2058
Email: purel@ai.astra.co.id
www.astra.co.id