Astra International (ASII IJ): Bleak in the short-term, but sanguine ahead

Astra International (ASII IJ)
HOLD-UPF / TP: IDR:5,500 (-3.5%)
Analyst: Alditya Galih Ramadhan

Bleak in the short-term, but sanguine ahead
• Sales of 4W vehicles continue to dip
• Used vehicle financing powered financing arm (FS)
• Predict more reward than risk in strategic review
• Challenging for now, we downgrade ASII to HOLD