{"id":991009,"date":"2025-08-05T22:20:33","date_gmt":"2025-08-05T15:20:33","guid":{"rendered":"https:\/\/bahana.boone.co.id\/?p=991009"},"modified":"2026-01-26T19:40:27","modified_gmt":"2026-01-26T12:40:27","slug":"astra-international-asii-ij-%f0%9f%9a%97-laba-1q25-di-bawah-ekspektasi-karena-untr-melemah%f0%9f%a4%94","status":"publish","type":"post","link":"https:\/\/bahana.boone.co.id\/en\/astra-international-asii-ij-%f0%9f%9a%97-laba-1q25-di-bawah-ekspektasi-karena-untr-melemah%f0%9f%a4%94\/","title":{"rendered":"Astra International (ASII IJ) \ud83d\ude97 Laba 1Q25 di Bawah Ekspektasi karena UNTR Melemah\ud83e\udd14"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"991009\" class=\"elementor elementor-991009\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-781c158 e-flex e-con-boxed e-con e-parent\" data-id=\"781c158\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"vamtam-has-theme-widget-styles elementor-element elementor-element-ea071cb elementor-widget elementor-widget-text-editor\" data-id=\"ea071cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong><em>Analis: Jeremy Mikael<\/em><\/strong><\/p><p><strong>ASII melaporkan laba bersih 1Q25 sebesar IDR6,9tn (-15,4% q-q; -7,1% y-y)<\/strong>, hanya memenuhi\u00a0<strong>23\/21% dari estimasi kami\/konsensus<\/strong>.\u00a0<em>Kinerja lemah terutama berasal dari segmen HEMCE (UNTR; 59,5% kepemilikan) dengan laba bersih IDR1,96tn (-19,3% q-q; -30% y-y).<\/em>\u00a0Sementara itu,\u00a0<strong>segmen otomotif relatif tangguh<\/strong>\u00a0dengan kontribusi laba bersih\u00a0<strong>IDR2,73tn (+0,2% q-q; -0,8% y-y)<\/strong>, ditopang\u00a0<strong>perbaikan bisnis suku cadang dan after-sales<\/strong>\u00a0meski penjualan 4W menurun.<\/p><p>\ud83d\ude98\u00a0<strong>Outlook Industri &amp; Strategi Baru<\/strong><br \/>Manajemen kini memperkirakan\u00a0<strong>wholesales nasional 2025 di 820\u2013860k unit<\/strong>\u00a0(turun dari 860\u2013900k unit), dengan\u00a0<strong>market share ASII diproyeksikan stabil<\/strong>.\u00a0<em>Strategi kunci adalah meluncurkan model hybrid mass-market baru, diperkirakan Veloz\/Avanza Hybrid dengan konfigurasi 7-seater dan harga sesuai daya beli lokal.<\/em>\u00a0<strong>NJKB Toyota Veloz Hybrid<\/strong>\u00a0bahkan sudah tercatat dalam\u00a0<strong>Permendagri No. 8\/2024<\/strong>.<\/p><p>\ud83c\udfe5\u00a0<strong>Pilar Bisnis Kesehatan Mulai Berkembang<\/strong><br \/><strong>Segmen kesehatan mulai menunjukkan hasil positif. Heartology<\/strong>, rumah sakit kardiovaskular milik ASII, mencatat\u00a0<strong>lonjakan pasien ~50% y-y di 1Q25<\/strong>, dengan\u00a0<strong>utilisasi masih &lt;50%<\/strong>. Hal ini membuka\u00a0<strong>ruang pertumbuhan besar<\/strong>\u00a0mengingat pasar kardiovaskular Indonesia yang luas.<\/p><p>\ud83d\udcc9\u00a0<strong>Revisi Forecast &amp; Target Harga<\/strong><br \/><em>Kami menurunkan proyeksi FY25\/26 seiring penyesuaian kinerja UNTR.<\/em>\u00a0<strong>Target harga 12 bulan direvisi ke IDR5.400 (dari IDR5.600)<\/strong>, tetap dengan\u00a0<strong>rekomendasi BUY<\/strong>\u00a0karena potensi upside\u00a0<strong>11,8% dari harga terakhir<\/strong>. Selain itu,\u00a0<strong>final dividend IDR308\/saham (yield 6,4%)<\/strong>\u00a0akan diputuskan pada RUPST besok (8 Mei 2025).<\/p><p>\u26a0\ufe0f\u00a0<strong>Risiko utama:<\/strong>\u00a0penjualan 4W\/2W lebih rendah dari ekspektasi, keterlambatan peluncuran model baru, serta harga komoditas yang lebih lemah untuk HEMCE dan agribisnis.<\/p><p>\ud83d\udcce\u00a0<strong>Full PDF:<\/strong>\u00a0<strong><a href=\"http:\/\/https\/\/dxtrade.bahanasekuritas.id\/BSASII0825\">BSASII0825<\/a><\/strong><\/p><p>\u270d\ufe0f\u00a0<strong>Disclaimer On<\/strong><br \/><em>Keputusan membeli dan menjual menjadi tanggung jawab pribadi.<\/em><\/p><p><strong>Regards<\/strong><br \/><em>Investment Specialist<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Laba ASII tertekan di awal 2025, tapi kejutan hybrid mass-market dan bisnis kesehatan yang mulai jadi game changer saham ini ke depan.<\/p>","protected":false},"author":2,"featured_media":991011,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74],"tags":[],"class_list":["post-991009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artikel"],"_links":{"self":[{"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/posts\/991009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/comments?post=991009"}],"version-history":[{"count":10,"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/posts\/991009\/revisions"}],"predecessor-version":[{"id":993257,"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/posts\/991009\/revisions\/993257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/media\/991011"}],"wp:attachment":[{"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/media?parent=991009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/categories?post=991009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bahana.boone.co.id\/en\/wp-json\/wp\/v2\/tags?post=991009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}