{
    "success": true,
    "data": {
        "id": 1725686,
        "msgid": "the-fate-of-indonesian-automotive-issuers-amidst-the-war-who-is-still-speeding-ahead-1778216023",
        "date": "2026-05-08 10:35:28",
        "title": "The Fate of Indonesian Automotive Issuers Amidst the War: Who Is Still Speeding Ahead?",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Business",
        "summary": "Amidst geopolitical tensions disrupting global supply chains and weakening domestic purchasing power, the Indonesian automotive sector shows mixed results in 2025 annual financial reports. Five issuers, including PT Garuda Metalindo Tbk (BOLT) with a 19.5% net profit surge, demonstrated resilience, particularly in aftermarket parts, while eight others like PT Astra International Tbk (ASII) faced profit contractions due to operational pressures. This divergence highlights the sector's vulnerability to macroeconomic volatility, with valuations offering attractive opportunities for undervalued performers.",
        "content": "<p>The 2025 annual financial reporting season serves as a crucial moment\nto assess the resilience of automotive and supporting component issuers\non the Indonesia Stock Exchange. The performance of this sector is\nheavily influenced by dynamic macroeconomic conditions, where escalating\nglobal geopolitical conflicts exert pressure on the manufacturing\nindustry. Disruptions to international supply chains, particularly\nconcerns over the smooth operation of strategic shipping routes due to\ngeopolitical tensions, trigger volatility in crude oil and industrial\nmetal commodity prices. These conditions directly inflate the structure\nof production costs. At the same time, global uncertainty also impacts\nthe weakening of domestic purchasing power, forcing issuers to implement\nstrict efficiency strategies. Interestingly, amidst these challenges,\nissuers focused on the replacement parts market are showing high levels\nof resilience. Positive Net Profit Achievements of Automotive Issuers\nThe first group consists of five issuers that have defied the weakening\ntrend by recording annual net profit growth. PT Garuda Metalindo Tbk\n(BOLT) leads in percentage terms with a 19.5% surge in net profit to Rp\n142.4 billion. The next positions are held by PT Indospring Tbk (INDS)\nwith 10.9% growth and PT Selamat Sempurna Tbk (SMSM) with an 9.8%\nincrease. Operational resilience is also demonstrated by component\nproducers under the Astra group, namely PT Astra Otoparts Tbk (AUTO)\nwith an 8.4% profit rise, and tyre producer PT Gajah Tunggal Tbk (GJTL)\nwith stable growth at 4.7%. Ratios and Valuations of Positive Profit\nIssuers From a fundamental valuation perspective, the market provides\nvaried appreciation to profit-making issuers. SMSM stands out with the\nmost impressive return on equity (ROE) at 26.11% and the highest net\nprofit margin at 21.1%, resulting in its shares trading at a premium\nvaluation with a Price to Book Value (PBV) of 2.49x. On the other hand,\nGJTL and AUTO offer very cheap valuations compared to their solid\nperformance. GJTL is currently traded at a Price to Earnings Ratio (PER)\nof just 3.35x, while AUTO is at a PER of 5.70x with a very conservative\ndebt to equity ratio (DER) of 0.33x. Net Profit Contraction of\nAutomotive Issuers The second group encompasses eight issuers\nexperiencing net profit contraction due to operational cost pressures\nand weakening demand. PT Astra International Tbk (ASII), as the main\nproxy for the national automotive industry, recorded a moderate decline\nof 3.3%. Deeper declines were felt by PT Mitra Pinasthika Mustika Tbk\n(MPMX) and PT Industri dan Perdagangan Bintraco Dharma Tbk (CARS). The\nharshest condition was faced by PT Indo Kordsa Tbk (BRAM), which\nrecorded a reversal from a profit position in 2024 to a net loss of Rp\n38.9 billion in 2025. PT Harapan Duta Pertiwi Tbk (HOPE) also remains in\nnegative territory. Ratios and Valuations of Pressured Profit Issuers\nThis performance decline directly impacts valuation indicators. Despite\nthe profit decline, ASII maintains a solid fundamental position with an\nROE of 11.27% and trades at a discount with a PBV of 0.81x. PT Multi\nPrima Sejahtera Tbk (LPIN) also shows balance sheet stability with a\nnear-zero DER of 0.07x. In a different camp, debt structure becomes the\nmain risk factor for PT Indomobil Sukses Internasional Tbk (IMAS), which\nhas a high DER of 3.89x. A similar situation is seen in HOPE with a DER\nof 1.97x, making its financial posture vulnerable amid a still tight\ninterest rate environment. BRAM records a negative PER ratio due to its\nloss position this year.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/the-fate-of-indonesian-automotive-issuers-amidst-the-war-who-is-still-speeding-ahead-1778216023",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}