Astra International (ASII IJ): Lower earnings, but TSR is a sweetener

Astra International (ASII IJ)
HOLD-UPF / TP: IDR:6,000 (-6.6%)
Analyst: Alditya Galih Ramadhan

Lower earnings, but TSR is a sweetener
• Surpassed our marks
• Auto division may turn the corner with favorable margin this year
• Positive moves on TSR, and more guidance in its strategic review
• Recent buyback may guard the price – Re-iterate HOLD