$JMH USD (J36.SG)$ 30th July 2024 PT ASTRA INTERNATIONAL TBK...
30th July 2024
PT ASTRA INTERNATIONAL TBK (the “Company” or “Astra”)
2024 FIRST HALF FINANCIAL STATEMENTS
Highlights
• Net earnings per share of Rp412, 4% lower (excluding fair value adjustments)
• Car sales down 17% and motorcycle sales down 4%, reflecting a softer national market
• Mining performance impacted by lower coal prices
• Higher contribution from financial services, agribusiness, and infrastructure and logistics
“The Group’s overall results in the first half of 2024 were lower than the same period last year, mainly reflecting the weaker performance in the Group’s heavy equipment and mining business following lower coal prices. Despite these challenges, with the diversified nature of our businesses, the Group anticipates results to continue to be resilient for the remainder of the year. We remain confident in Indonesia’s long-term growth and our ability to maintain market-leading positions across our portfolio.”
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nmnhnlm :
*Astra International - 2Q24: Soft beat on better 4W and 2W manufacturing margins
Astra reported 2Q24 core NPAT of IDR8.5tn, down 3% y/y. This was better than our expectations, but not a strong beat relative to Street estimates (we are ~7% below the Street for FY24E). 1H24 NPAT stood at IDR16.6tn, down 4% y/y, accounting for 59%/55% of JPMe/consensus for FY24. The better-than-expected 2Q results were driven primarily by: (1) a beat in manufacturing margins (both 4W and 2W manufacturing margins expanded q/q and y/y); and (2) better-than-expected performance in the financing business. The dealership business (auto EBIT margin ex-autoparts) declined as expected on lower volumes and is teetering between red and green. UT reported a beat relative to expectations, likely as Pama pricing remains high on the back of resilient coal price. While the result is a testament to Astra’s strength in the auto business, we believe the share price will remain range-bound at IDR4,300-4,700 while waiting for the next catalyst/growth driver to emerge. We remain Neutral on Astra and see the stock as a dividend play.
nmnhnlm :
United Tractors - First Take: Strong 2Q24 results on resilient Pama
UNTR reported strong 2Q24 PATMI of Rp5tn (+10% QoQ, -11% YoY), which brings 1H24 PATMI to Rp9.5tn (-13% YoY). This accounts for 52%/55% of JPMe/Consensus full-year estimates. The strong 2Q24 earnings were driven largely by resilient Pama, in which overburden was still up by 9% YoY and coal production up 18% YoY, while ASP remains stable. We expect positive earnings revisions by the Street post 2Q24 results; our 2024-25E earnings are 6-11% higher than the Street’s. UNTR has returned to a Rp4tn net cash position in 1H24 vs a slight net debt position in FY23, despite delivering Rp5.7tn of dividend payments in 2Q24. We reiterate our OW rating on UT with a Rp32k/sh PT (28% potential upside). UNTR (US$5.7bn market cap, US$7mn ADTV 3M) is trading at an undemanding 5x 2024E P/E backed by an 8% yield and 20% ROE.