PT ASTRA INTERNATIONAL TBK - PUBLIC EXPOSE First Half of 2017 - Results Presentation 9 August 2017, Indonesia Stock Exchange - IDX
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PT ASTRA INTERNATIONAL TBK PUBLIC EXPOSE
First Half of 2017 - Results Presentation
9 August 2017, Indonesia Stock Exchange
Disclaimer
The materials in this presentation have been prepared by PT Astra International Tbk (Astra) and are general
background information about Astra Group business performances current as at the date of this presentation and
are subject to change without prior notice.
This information is given in summary form and does not purport to be complete. Information in this presentation,
including forecast financial information, should not be considered as advice or a recommendation to investors or
potential investors in relation to holding, purchasing or selling securities or other financial products or instruments
and does not take into account their particular investment objectives, financial situation or needs. Before acting on
any information, readers should consider the appropriateness of the information having regard to these matters,
any relevant offer document and in particular, readers should seek independent financial advice.
This presentation may contain forward looking statements including statements regarding our intent, belief or
current expectations with respect to Astra businesses and operations, market conditions, results of operation and
financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not
to place undue reliance on these forward looking statements; past performance is not a reliable indication of
future performance. Astra does not undertake any obligation to publicly release the result of any revisions to these
forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of
unanticipated events.
We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any person as a
result of acting in reliance upon the whole or any part of the contents of this report and neither Astra and/or its
affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions,
negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise
arise.
1
Highlights
• Strong recovery in coal prices
Positive benefited heavy equipment and
31% 56% 74%
contribution mining contracting volumes
from • Agribusiness improved with higher
Net earnings per share
Permata Bank crude palm oil prices and
Rp231 Auto Market Share production
6 months ended 30th June
2017 2016 Change
Net revenue (Rp bn) 98,031 88,208 11%
Net income (Rp bn)* 9,357 7,116 31%
Net earnings per share (Rp) 231 176 31%
As at 30th As at 31st
Change
June 2017 December 2016
Shareholders’ funds (Rp bn)** 116,627 111,951 4%
Net asset value per share (Rp)** 2,881 2,765 4%
* Net income is profit attributable to owners of the parent, i.e. Astra International shareholders.
** Shareholders' funds and net asset value per share are based on equity attributable to owners of the parent.
The financial results for the six months ended 30th June 2017 and 2016 as well as the financial position as at 30th June 2017 have been
prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December
2016 has been prepared in accordance with Indonesian Financial Accounting Standards and audited in accordance with the auditing
standards established by the Indonesian Institute of Certified Public Accountants.
2
Business Structure
Automobile Motorcycle • Menara Astra
• Toyota • Honda • Brahmayasa Bahtera
• Daihatsu • Samadista Karya
• Isuzu Component • Astra Land Indonesia
• BMW • Astra • Astra Modern Land
• Peugeot Otoparts
• UD Trucks
Others
• AstraWorld
Automobile Heavy Equipment Construction Machinery Palm Oil Plantation Toll Road Sea Port Document Solution
• Astra Credit
Other • SAN Finance • United Tractors • Astra Agro Lestari • MMS • Eastkal • Astra Graphia
Companies • Komatsu Astra • Traktor Nusantara • MHI
• Toyota Astra Finance Refineries • MTN Water Supply IT Solution
Finance Mining Contracting • Tanjung Sarana Lestari • TMJ • Palyja • Astra Graphia
Banking • Pamapersada Nusantara • Kreasijaya Adhikarya • TBS Information
Motorcycle • Permata Bank • Tanjung Bina Lestari • LMS Technology
• Federal Mining
International Insurance • Tuah Turangga Agung Commodity Trading Logistics Office Services
Finance • Asuransi Astra • Astra-KLK Pte.Ltd • SERA / TRAC • Astragraphia Xprins
Buana Construction Industry • Mobil88 Indonesia
• Astralife • Acset Indonusa Cattle in Palm Oil • SELOG
Plantation • TFSI
• Agro Menara Rahmat 3
Market Position as at 30 June 2017
• Astra’s car market share increased from 51% to 56% and Astra’s motorcycle market share
increased from 73% to 74%.
• Komatsu maintained its leading market position with a 37% market share, higher than the
same period last year.
Car Motorcycle
Suzuki Kawasaki
1% 2%
Others Yamaha
43% 23%
Toyota
37%
Heavy Equipment
Others
15% Honda
Isuzu Daihatsu 74%
2% 18% Komatsu
37%
Source : Gaikindo Kobelco Source : AISI
14%
Hitachi Caterpillar
17% 17%
4
Source: United Tractors – Internal Market Research
Corporate Actions
Jan ‘17 • Astratel Nusantara completed the acquisition of an initial 40% interest in PT
Baskhara Utama Sedaya, which owns 45% of the operator of the fully
operational 116km Cikopo-Palimanan toll road, and has subsequently
conditionally agreed to acquire the remaining 60% interest.
Mar‘17 • United Tractors through Unitra Persada Energia owned 25% Bhumi Jati Power,
which will develop and operate two 1,000 MW thermal power plants in Central
Java, completed its project financing agreement with lenders. This build,
operate and transfer project is expected to cost approximately US$4.2 billion
and is scheduled to start commercial operation in 2021. Bhumi Jati Power is a
joint venture with Sumitomo Power Corporation and Kansai Electric Power.
Mar‘17 • United Tractors through its subsidiary Tuah Turangga Agung, completed the
acquisition of an 80.1% stake in PT Suprabari Mapanindo Mineral, a coking
coal company in Central Kalimantan.
5
Corporate Actions
May‘17 • Astratel Nusantara acquired of the remaining 60% interest in PT Baskhara
Utama Sedaya, which owns 45% stakes of the fully operational 116km Cikopo-
Palimanan toll road. The total acquisition cost of the Group’s ownership of PT
Baskhara Utama Sedaya is approximately Rp5 trillion.
• Astratel Nusantara increased its stakes in the 73km Semarang-Solo toll road
from 25% to 40%.
Jun‘17 • Permata Bank completed its Rp3.0 trillion right issue.
6
Financial Performances
7
Consolidated Income Statement
“Most of the Group’s businesses performed well in the first half of 2017. For the
remainder of this year, the Group is expected to continue to benefit from stable coal
prices, although results may be tempered by increasing competition in the car market and
soft demand in the motorcycle market.”
- Prijono Sugiarto, President Director -
In Billion Rupiah 1H17 1H16 Change
IDR / USD, average 13,330 13,419 (1%)
Net Revenue 98,031 88,208 11%
Gross Profit 19,674 16,847 17%
Selling, General and Administrative
(10,387) (9,381) 11%
Expenses
Other Income 878 695 26%
Shares of Results of Joint Ventures and
3,772 2,071 82%
Associates
Income Tax Expenses (2,580) (1,922) 34%
Non-controlling Interests (2,000) (1,194) 68%
Net Income 9,357 7,116 31%
8
Astra Portfolio as at 30 June 2017
1H17 1H16
Share of Net Income (%) Ownership %
Auto Non-Auto Auto Non-Auto
4W Automotive
SO – Toyota, Daihatsu, Isuzu 100
Toyota Astra Motor 50 25 31
Astra Daihatsu Motor 32
Isuzu Astra Motor Indonesia 50
2W Automotive
Astra Honda Motor 50 18 21
Honda SO 100
Component
Astra Otoparts 80 2 2
Financial Services
Astra Sedaya Finance 86 2001 2015 2016 1H17
Federal International Finance 100
Toyota Astra Financial Services 50
Komatsu Astra Finance 50 20 2 25 (7)
60
Auto (Incl. auto
SAN Finance
96 related Financial 89% 76% 85% 65%
Asuransi Astra Buana
Permata Bank 45 Services)
Astra Life 50
Heavy Equipment & Mining
United Tractors 60
Pamapersada Nusantara 60 Non-Auto 11% 24% 15% 35%
Tuah Turangga Agung 60 22 16
Acset Indonusa 30
Traktor Nusantara 50
Agribusiness
Astra Agro Lestari 80 9 9
Infrastructure, Logistics, IT & Property
Marga Mandalasakti 79
SERA 100
Palyja 49
Astra Graphia 77 2 3
Menara Astra 100
Brahmayasa Bahtera 60
Samadista Karya 100
9Consolidated Balance Sheet
• Net asset value per share was Rp2,881 at 30th June 2017, 4% higher than at the end of 2016.
• Net cash, excluding the Group’s financial services subsidiaries, was Rp2.6 trillion, significantly lower
compared with net cash of Rp6.2 trillion at the end of 2016, mainly due to toll road, power plant and
property investments made during the first half of 2017. The Group’s financial services subsidiaries had
net debt of Rp49.1 trillion, compared with Rp47.7 trillion at the end of 2016.
In Billion Rupiah 30-Jun-17 31-Dec-16 Change
Cash and Cash Equivalents 31,725 29,357 8%
Trade Receivables 22,539 19,426 16%
Inventories 18,902 17,771 6%
Financing Receivables 65,600 64,639 1%
Investment in Joint Ventures and Associates 37,649 33,987 11%
Fixed Assets 46,067 43,237 7%
Other Assets 64,135 53,438 20%
Total Assets 286,617 261,855 9%
Short-term Borrowings 19,742 18,764 5%
Trade Payables 28,565 22,489 27%
Long-term Debt 58,449 52,146 12%
Other Liabilities 34,345 28,550 20%
Total Liabilities 141,101 121,949 16%
Equity Attributable to the Owners of The Parent 116,627 111,951 4%
Non – controlling Interest 28,889 27,955 3%
Total Equity 145,516 139,906 4%
Net Debt (Cash) 46,466 41,553 12%
Net Cash (Excl. Financial Services) (2,629) (6,193) (58%)
10Consolidated Cash Flow
As at 30 June 2017, Astra’s ending consolidated cash balance (incl. Bank Overdraft) was
Rp31.3 trillion.
In Billion Rupiah 1H17 1H16 Change
Cash generated from operations 13,822 11,013 2,809
Tax Payments (2,009) (2,684) 675
Interest Received 799 685 114
Net Cash flow provided from Operating Activities 12,612 9,014 3,598
Dividend Received 4,102 2,366 1,736
Net Capex (5,925) (3,364) (2,561)
Net Investment (4,882) (3,293) (1,589)
Other Investing (2,810) 209 (3,019)
Net Cash flow used in Investing Activities (9,515) (4,082) (5,433)
Net Proceeds / (Repayments) of Debt 5,686 2,840 2,846
Finance Costs Paid (1,073) (960) (113)
Dividend Payments (5,743) (5,539) (204)
Other Financing (14) 1,079 (1,093)
Net Cash flow used in Financing Activities (1,144) (2,580) 1,436
Increase in Cash 1,953 2,352 (399)
Opening Cash Balance (incl. Bank Overdraft) 29,356 27,072 2,284
Exchange Rate Adjustment (41) (571) 530
Closing Cash Balance (incl. Bank Overdraft) 31,268 28,853 2,415
11Business Updates
12Automotive – Wholesale Car Market
Astra’s car sales were
were 10%
9% higher
higherat
at298,000
421,000 units,
units, resulting
resulting in
in an
an increase
increase in market share
from 51%
50% to 56%.
54%.
0%
1H17 1H16
533,903 532,127
LCGC
LCGC
90,409 / 17%
121,425 / 22.7%
Others Other Brands
Others Other Brands
235,415 / 44.1% 234,415 / 44.1% Commercial,
259,466 / 48.8% 103,784 / 19.5%
259,466 / 48.8%
Commercial
112,048 / 21%
Isuzu, 8,167 / 1.5%
Isuzu, 8,064 / 1.5%
Daihatsu
94,287 / 17.7% Daihatsu
89,510 / 16.8%
4x2 & 4x4 4x2 & 4x4
Astra
295,024 / 55.3% Astra 330,756 / 62.2%
298,488 / 55.9%
Toyota 272,661 / 51.2%
196,012 / 36.8% Toyota
175,068 / 32.9%
Sedan Sedan
5,406 / 1% 7,178 / 1.3%
M/S Market Segment Brand M/S Market Segment Brand
1H17 1H16
13
Source: GaikindoAutomotive – Car Product Launches
During first semester 2017 , Astra has launched 1 new model and 4 revamped models.
Lexus RX 200t F Sport Toyota Innova Venturer Toyota Corolla Altis
January 2017 January 2017 January 2017
Astra Toyota Agya Astra Daihatsu Ayla
April 2017 April 2017
14Automotive – Wholesale Motorcycle Market
Astra Honda Motor’s domestic sales were 7% lower at 2.0 million units; however, its market
share increasing from 73% to 74%.
9%
1H17 1H16
2,700,546 2,962,888
Kawasaki 1.8%
Suzuki 1.1% Sport/Others
Kawasaki 1.5% Sport/Others
Suzuki 1.4% Yamaha 45.3% 12.8%
Sport/Others Sport/Others
46.9% 10.6% 719,302
Yamaha
24.3%
614,895 Sport/Others
22.8% Sport/Others 8%
6.7%
Scooter
Scooter 2,300,402
2,196,220 Scooter 77.6%
Scooter Honda Scooter
Honda Scooter 81.3% 1,795,352
1,719,845 2,158,388 1,795,352
2,005,944 1,719,845 78%
78.3% 72.8% 83.2%
74.3% 85.7%
Cub Cub Cub Cub Cub Cub
151,366 151,366 216,896 190,635 190,635 282,307
7.6% 69.8% 8% 8.8% 67.5% 9.5%
Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment
1H17 M/S 1H16 M/S
15
Source: AISIAutomotive – Motorcycle Product Launches
During first semester 2017, Astra Honda Motor has launched 6 new models and 11
revamped models.
Honda CMX 500 Rebel Honda Scoopy Honda SH 150i
March 2017 March 2017 April 2017
Honda CB 650F Honda Supra GTR Honda BeAT Street
April 2017 April 2017 June 2017
16Automotive – Components
Net income of Astra Otoparts, the Group’s component business, increased 30% to Rp198
billion, mainly due to higher earnings contributions from its joint venture and associate
companies.
Revenue (Rp bio) Net Income (Rp bio) Share of Results of Associates
and Joint Ventures (Rp bio)
1% 30% 1,435%
6,472 6,435
198
152 135
9
1H17 1H16 1H17 1H16 1H17 1H16
17Financial Services
Net income from the Group’s financial services division increased 62% to Rp2.0 trillion, with
improved contributions from most of its financial services businesses.
Unit Financed 1H17 1H16 % Amount Financed (Rp bio) 1H17 1H16 %
ACC (new & used cars) 80,724 90,215 (11) ACC (Incl. HE) 14,303 13,266 8
TAF 42,043 39,003 8 TAF 7,224 6,580 10
Auto
Total 4W 122,767 129,218 (5) Auto Total 4W 21,526 19,846 8
FIF (Incl.Electronics)’000 1,787 1,713 4 FIF (Incl.Electronics) 17,062 15,880 7
ACC (HE - units) 218 257 (15) Total Auto 38,588 35,726 8
SANF 443 222 100 SANF 1,519 1,203 26
HE
KAF 335 153 119 HE KAF* 1,644 680 142
Total SANF & KAF 778 375 107 Total HE 3,162 1,883 68
Asuransi Astra Permata Bank
• Higher net income by 24% to Rp503 billion. • 1H17 consolidated net income Rp621 billion
• 1H17 Gross Written Premium up by 11% year (1H16 : consolidated net loss Rp836 billion)
on year to Rp2.1 trillion. • Loan book decreased by 23% YoY to Rp93.2 trillion.
• RBC: 254%**, requirement 120%. • LDR 87% & CAR 19%.
• Gross-NPL ratio down from 8.8% at the end of 2016
* Average exchange rate USD/IDR: 13,330 (1H17) & 13,419 (1H16) to 4.7%.
**Tentative figure, waiting confirmation from OJK 18Heavy Equipment & Mining
United Tractors, which is 59.5%-owned, reported net income 85% higher at Rp3.4 trillion, mainly due
to improved performance of its construction machinery, mining contracting and mining operations, all
of which benefited from improved coal prices.
Revenue (Rp bio) Mining Contracting
29,431 30%
1,026
3,960 22,564
944 Coal OB
3,193 Production Removal
13,251 4% 6%
360.4
11,563 341.1
11,194 52.0 50.2
6,864
1H17 1H16 1H17 1H16
Construction Machinery Mining Contracting
Coal Production (mn tonnes) Overburden Removal (mn bcm)
Mining Construction Industry
Komatsu Unit Sales Coal Mines: Sales
1,751 69% 18%
14%
22%
1,036
13% 10%
4,457
52%
3,635
51%
15%
23%
1H17 1H16 1H17 1H16
TTA Mine (all in thousand tonnes)
19
Mining Forestry Construction AgroAgribusiness
Astra Agro Lestari, which is 79.7%-owned, reported net income of Rp1.0 trillion, up from Rp792 billion in
the first half of 2016, due to improved revenue from higher crude palm oil prices and increased crude
palm oil production.
Revenue (Rp bio) CPO Yield (tonne/Ha)
8,546
35% 12%
3,577 6,345
Export 2,097
1.88
Local 1.68
4,969 4,247
1H17 1H16 1H17 1H16
CPO Production (‘K tonnes) CPO & Derivatives Sales (‘K tonnes) Area Maturity (‘K Ha)*
297 298
29 39
14% 10%
Immature
762 833 760 268 Mature 259
670
1H17 1H16 1H17 1H16 1H17 1H16 20
* Incl. plasma plantation
CPO Production CPO & Derivatives SalesInfrastructure & Logistics
MMS Vehicle Traffic Volume (‘000 units)
4%
The 72km Tangerang-Merak toll road, operated by
79.3%-owned Marga Mandalasakti, saw traffic
24,358 23,396 volumes increase by 4% to 24 million vehicles.
1H17 1H16
SERA Unit in Contract (unit)
5% Serasi Autoraya’s net income increased by 82% to
Rp80 billion, due to higher net margins in its car
leasing and rental business, despite a 5% decline in
vehicles under contract.
22,744 23,972
1H17 1H16
21Information Technology
Astra Graphia, which is 76.9%-owned, reported a 25% decrease in net income to Rp72
billion, mainly due to lower revenue from its IT solutions business.
Astragraphia Revenue (Rp bio) Astragraphia Net Income (Rp bio)
25%
1,213
1,145
28%
35% 46%
AGIT
95
13% 72
65% 54%
AGDS
1H17 1H16 1H17 1H16
22Property
Net Income (Rp bio)
Net income from the Group’s property division at
Rp68 billion was 94% higher, mainly due to
higher development earnings recognised on its
94%
Anandamaya Residences development.
68
Construction continues to progress at the 94%-
35 sold Anandamaya Residences, the Group’s 60%-
owned luxury residential development in
Jakarta’s Central Business District which,
1H17 1H16 together with the adjacent Menara Astra, are on
schedule for completion in 2018.
23CSR Activities
244 Pillars of CSR Astra
Education “ROAD TO BE THE BEST COMPANY
Entrepreneurship
IN CSR 2020”
• Development programs for 15,859 schools (Early Aged
School / PAUD, Regular School, and Universities). • Development for 10,847 MSMEs
• 23 million campaigns about Safety Riding Education – • Community beneficiaries: 97,641 people
“Indonesia Ayo Aman Berlalu Lintas” • Entrepreneurship program for disabilities
Environme Health
nt
• Go Green with Astra 4.4 million trees across Indonesia • 49 areas of “Kampung Berseri Astra” spread all over
• More than 27,000 hectares of green open space Indonesia
throughout Indonesia • Integrated Health Care Development for 1,577 Posyandu
As of 31 December 2016 25
25Appendices
26Divisional Net Revenue and Net Income
Divisional Net Revenue
In Billion Rupiah 1H17 1H16 Change
Automotive 46,510 46,273 1%
Financial Services 9,169 8,529 8%
Heavy Equipment & Mining 29,330 22,366 31%
Agribusiness 8,546 6,345 35%
Infrastructure & Logistics 3,476 3,636 (4%)
Information Technology 996 1,055 (6%)
Property 4 4 0%
Total 98,031 88,208 11%
Divisional Net Income
In Billion Rupiah 1H17 1H16 Change
Automotive 4,200 3,864 9%
Financial Services 2,035 1,253 62%
Heavy Equipment & Mining 2,057 1,121 83%
Agribusiness 832 631 32%
Infrastructure & Logistics 110 139 (21%)
Information Technology 55 73 (25%)
Property 68 35 94%
27
Total 9,357 7,116 31%Car Products Launched in 1H17
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Lexus RX 200t F Sport Jan’17 2,000cc 1,340
Toyota Kijang Innova Venturer Jan’17 2,000cc-2,400cc 388.6-447.9
Toyota Corolla Altis Jan’17 2,000cc 426.1-460.6
Astra Toyota Agya Apr’17 1,000cc-1,200cc 127.6-151.9
Astra Daihatsu Ayla Apr’17 1,000cc-1,200cc 92.6-146.3
28Motorcycle Products Launched in 1H17
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Honda PCX 150 Jan’17 150cc 40.1
Honda CRF 250 Feb’17 250cc 62.9
Honda CRF 1000L Africa Twin Feb’17 1,000cc 464-499
Honda CBR 250R Feb’17 250cc 63.2-72
Honda CB 500F Feb’17 500cc 139.3
Honda CBR 500R Feb’17 500cc 144.3
Honda Supra X 125 Feb’17 125cc 16.8-17.8
Honda Scoopy Mar’17 110cc 17.8
Honda CB 500X Mar’17 500cc 147.4
Honda CMX 500 Rebel Mar’17 500cc 147.4
Honda SH150i Apr’17 150cc 44.9
Honda CB650F Apr’17 650cc 235
Honda Vario 150 Apr’17 150cc 21.2
Honda Vario 125 Apr’17 125cc 18.2-18.8
Honda Supra GTR Apr’17 150cc 21.6-21.8
Honda CBR 150R Apr’17 150cc 33.0-33.7
Honda BeAT Street Jun’17 110cc 15.9
29National Market Data
1H17 1H16
Major Brands
Wholesale Astra Wholesale Astra
Toyota – Avanza, Innova, Fortuner; Honda – HR-V,
Non LCGC 413,276 50% 442,176 49%
Mobilio, BR-V, Daihatsu – Xenia, Terios, Gran Max
Astra Toyota – Calya, Agya; Astra Daihatsu – Sigra,
Car
LCGC 120,627 78% 89,951 61% Ayla; Honda - Brio Satya; Datsun - GO Panca; Suzuki
- Karimun Wagon R
Total 533,903 56% 532,127 51%
Honda - Supra Series, Revo Series, Blade; Yamaha –
Cub 216,896 70% 282,307 68% Jupiter MX King, Jupiter ZX, Vega Force; Suzuki –
Motorcycle
Smash; Kawasaki - ZX130, Edge
Honda - BeAT, Vario, Scoopy; Yamaha - Mio, N-Max,
Scooter 2,196,220 78% 2,300,402 78%
Fino; Suzuki – Address, Nex
Honda - CB 150 R Street Fire, Verza, CBR 150R,
Sport 287,430 47% 380,179 45% Sonic 150R; Yamaha - V-ixion R - 15, Xabre, Byson;
Suzuki - Satria F 150; Kawasaki – Ninja
Total 2,700,546 74% 2,962,888 73%
30Equity Research Contact Details No Brokerage Analyst Email 1 Bahana Securities Leonardo Henry Gavaza leonardo@bahana.co.id 2 BCA Sekuritas Pandu Anugrah pandu.anugrah@bcasekuritas.co.id 3 CIMB Securities Indonesia Erindra Krisnawan erindra.krisnawan@cimb.com 4 Ciptadana Securities Arief Budiman budimanarief@ciptadana.com 5 Citigroup Investment Research Ferry Wong ferry.wong@citi.com 6 CLSA Indonesia Sarina Lesmina sarina.lesmina@clsa.com 7 Credit Suisse Securities Indonesia Jahanzeb Naseer jahanzeb.naseer@credit-suisse.com 8 Danareksa Sekuritas Stefanus Darmagiri stefanus.darmagiri@danareksa.com 9 DBS Vickers Maynard Priajaya Arif maynard.arif@id.dbsvickers.com 10 Deutsche Verdhana Securities Reggy Susanto nicholas.nugroho@db.com 11 Goldman Sachs Pramod Kumar pramod.kumar@gs.com 12 HSBC Tarun Bhatnagar tarunbhatnagar@hsbc.com.sg 13 IndoPremier Securities Chandra Pasaribu chandra.pasaribu@ipc.co.id 14 J.P. Morgan Aditya Srinath aditya.s.srinath@jpmorgan.com 15 Macquarie Capital Securities Ricky Tjandra ricky.tjandra@macquarie.com 16 Mandiri Sekuritas Ariyanto Kurniawan ariyanto.kurniawan@mandirisek.co.id 17 Maybank Kim Eng Securities Isnaputra Iskandar isnaputra.iskandar@maybank-ke.co.id 18 Merrill Lynch Swati Chopra swati.chopra@baml.com 19 Mirae Asset Franky franky@miraeasset.co.id 20 MNC Securities Edwin Sebayang edwin.sebayang@mncsecurities.com 21 Morgan Stanley Andri Ngaserin andri.ngaserin@morganstanley.com 22 Nomura Indonesia Elvira Tjandrawinata elvira.tjandrawinata@nomura.com 23 Onix Capital Bagus Hananto bagus.hananto@ocap.co.id 24 Reliance Securities Robertus Yanuar Hardi robertus@reliance-securities.com 25 RHB OSK Securities Indonesia Andrey Wijaya andrey.wijaya@id.oskgroup.com 26 Samuel Sekuritas Akhmad Nurcahyadi akhmad.nurcahyadi@samuel.co.id 27 Sucor Sekuritas Adina Layarda adina.layarda@sucorsekuritas.com 28 Trimegah Securities Frederick Daniel frederick.daniel@trimegah.com 29 UBS Securities Indonesia Ronald Liem ronald.liem@ubs.com 30 UOB Kay Hian Securities Stevanus Juanda stevanusjuanda@uobkayhian.com 31 Valbury Asia Securities Budi Rustanto budi.rustanto@valbury.com 31 32 Yuanta Securities Indonesia Yusuf Ade Winoto yusuf.winoto@yuanta.co.id
For further information please contact:
PT Astra International Tbk
Corporate Investor Relations
P: (+62 21) 652 2555
F: (+62 21) 6530 4953
E: investor@ai.astra.co.id
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