Kiwoom Research | 1H26 Equity Update - 25 September 2026 PT. Astra International Tbk. (ASII) Automotive Buffer Amidst Weakness in HEMCE Key Takeaways: - Resilient Auto & Financial Services. Both segments buffered profitability, with revenue expanding by 6% y/y each, driven by solid vehicle sales and consumer financing. - HEMCE Segment Contraction. The segment faced substantial headwinds as lower national coal quotas and the temporary halt at the Martabe gold mine suppressed heavy equipment demand and commodity revenue. Additionally, overall consolidated net income was further dragged down by one-off expenses recorded in 1H26. - New Strategy Roadmap. Management introduced a new corporate strategy focusing on three core businesses (Automotive, Financial Services, and HEMCE) aimed at driving sustainable, long-term shareholder returns. Recommendation: "BUY” We maintain our BUY recommendation with a 12-month target price of IDR 6,400. Our target price is constructed using a Sum-of-the-Parts (SOTP) valuation approach. This represents a 34.17% upside potential from the last closing price of IDR 4,770 (as of 24 Sep 2026). This valuation implies the stock trading at a 2026F P/E of 9.34x and P/BV of 0.84x. Downside risks include: 1) Weak domestic purchasing power affecting 4W & 2W demand; 2) Lower global coal and gold prices; 3) Slower operational restart at the Martabe gold mine. Adrian Djie Equity Research KIWOOM SEKURITAS INDONESIA