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Conglomerate

1 companies (n=1)

The aggregate figures below cover only the 1 companies Neraca tracks, a peer sample rather than the whole industry. The real industry picture (full scale, regulation, outlook) is in the Deep Analysis section.

ASIIAstra International

Peer sample (covered companies)

Median ROE rose 11.7% → 14.3% (FY2021–FY2025).
ASII leads on ROE at 14.3% (FY2025).

Median ROE (trend)

ROE leaderboard (FY2025)

Trading comps (covered peer sample)

prices as-of 2026-07-31

Company	Mkt cap	P/E	EV/EBITDA	P/B	P/S	FCF yield	Div yield	Rev CAGR	EBITDA mgn	ROE	ND/EBITDA
Automotive Distribution & Manufacturing
ASIIAstra International	203.6T	6.2x	5.7x	0.9x	0.6x	13.6%	7.6%	8.5%	17.4%	14.3%	1.0x
Peer median	—	6.2x	5.7x	0.9x	0.6x	13.6%	7.6%	—	—	—	—

Multiples pair the snapshot price with each company’s latest audited fiscal year. NM = not meaningful (negative denominator), excluded from medians: counts shown as (usable/total). USD reporters’ market caps convert at the cited rate; the multiples themselves are unitless and comparable.

P/B vs ROE (value vs quality)

Not enough data to plot.

Deep Analysis

Reviewed: 2026-07-30

Analyst Verdict

ASII FY2023 revenue ~IDR 319 T; net profit ~IDR 35 T. ~50 % owned by Jardine Cycle & Carriage (JC&C) / Jardine Matheson group. Automotive: PT Toyota-Astra Motor (TAM, Toyota ~30 % market share) + PT Astra Daihatsu Motor (ADM, Daihatsu ~15 %) = ~45 % of Indonesia's ~1 M unit/yr car market. Financial services: Bank Permata 44.5 % stake (~Rp 100 T assets), FIFGROUP (consumer finance, ~3 M active contracts), Astra Credit Companies (ACC), MSIG insurance JV. Heavy equipment: UNTR 59.5 % owned, see heavy-equipment industry. Agribusiness: AALI 79.7 % owned, CPO and rubber. IT/infrastructure: Astra Graphia (Fuji Xerox JV), Menara Astra. EV disruption is ASII's decade-defining risk: Toyota's hybrid/PHEV strategy buys time but BYD (30 % import duty waiver for EVs) and Wuling (SGMW) are gaining Indonesia market share.

Structure & Dynamics

Diversified holding: five major verticals. (1) Automotive: Toyota + Daihatsu + Isuzu + Peugeot distribution; Astra Honda Motor (Honda motorcycles, JV 50:50 with Honda); vehicle assembly at Karawang and Sunter plants. (2) Heavy equipment/mining/energy: UNTR (Komatsu, PAMA, gold mining). (3) Financial services: Bank Permata, FIFGROUP, ACC (car/motorcycle financing), PT Asuransi Astra Buana (insurance), Astra Mitra Ventura (venture finance). (4) Agribusiness: AALI (CPO, rubber, biomass). (5) IT/infrastructure: Astra Graphia, Menara Astra (Grade-A Jakarta office), Astra Property. Sum-of-parts analysis is the primary valuation approach: each subsidiary has independent listed comparables. Jardine C&C/Jardine Matheson group provides strategic alignment with Southeast Asia automotive distribution.

Sub-segments

Automotive Distribution & Manufacturing ASII

ASII's dominant vertical: Toyota (30 % market share) + Daihatsu (15 %) + Honda motorcycles (AHM, ~70 % motorcycle market) represent the core value driver. Avanza/Xenia (low-MPV) and Kijang Innova/Fortuner (mid-to-premium MPV/SUV) are perennial top-sellers. Indonesia car market ~1.0–1.05 M units (FY2023, Gaikindo); ASII captures ~45 %. Key unlisted competitor: PT Indomobil (Nissan, Suzuki, Hino, Volkswagen, Audi distributor) + PT Hyundai Motors Indonesia. BYD, Wuling (SGMW), Chery, MG (SAIC) are growing EV/low-cost entrants with government-backed import duty incentives.

Vehicle & Asset Financial Services ASII

FIFGROUP (40 M+ active contracts historically; ~IDR 60 T financing book) and Astra Credit Companies (ACC, car financing) form a captive financial services flywheel: every Daihatsu or Toyota sold creates a financing opportunity. Bank Permata (44.5 %, ~IDR 100 T assets) provides banking anchor and cross-sell. Asuransi Astra Buana provides vehicle insurance (Garda Oto brand). This financial services loop materially improves ASII's economics per car sold vs. a pure distribution model.

Value Chain & Margin Pool

OEM (Toyota Japan / Daihatsu Japan) → CKD (Completely Knocked Down) kits shipped to Indonesia → local assembly (TAM Karawang, ADM Sunter) → ASII dealer network → end-consumer with FIFGROUP/ACC financing + Asuransi Astra insurance. Upstream: AALI CPO feeds Indonesian F&B/FMCG. Downstream loop: used-car sales via Astra World (Autopedia) + FIFGROUP refinancing of used vehicles.

Competitive Forces (Porter’s 5)

Supplier powerMedium

How much leverage input/funding providers have over pricing.

Toyota and Daihatsu are JV manufacturing partners (not pure principals): ASII co-manufactures locally via TAM and ADM, reducing supplier power vs. a pure distributor. However, Toyota/Daihatsu set product line-ups, pricing bands, and feature specifications globally: ASII adapts locally. For UNTR (Komatsu subsidiary), see heavy-equipment industry analysis. Bank Permata's funding cost is market-driven (depositor cost, BI rate).

Implication → ASII's JV co-manufacturing model gives it more pricing control than a pure distributor. The key risk is if Toyota or Daihatsu globally shifts manufacturing strategy in a way that disadvantages Indonesian JV economics.

Buyer powerMedium

How much leverage customers have to push prices down.

Retail vehicle buyers are individually weak. However, digital car price comparison (OLX Autos, Mobil123) has increased buyer information parity. FIFGROUP/ACC captive financing reduces effective buyer power in the finance decision. Motorcycle buyers (AHM) face a near-duopoly (Honda ~75 %, Yamaha ~20 %): buyer power structurally low in motorcycles. Mining/fleet buyers (UNTR) are large and sophisticated: buyer power high in heavy equipment (addressed in heavy-equipment narrative).

Implication → ASII's captive finance + insurance flywheel partially neutralises buyer power in automotive. Conglomerate diversification means no single buyer segment dominates group revenue.

Threat of new entryHigh

How easily new competitors can enter the market.

EV disruption is the primary entry threat: BYD, Wuling (SGMW), Chery, Neta, and MG (SAIC) entered the Indonesian market with government-backed zero-import-duty incentives for EVs (below USD 40k MSRP, CBU imports duty-free through 2025). BYD Atto 3 and Wuling Air ev took market share in 2023–2024. Chinese OEM manufacturing localisation (TKDN requirement for permanent duty exemption) is a future barrier. Hyundai (Ioniq 5/6, assembled in Karawang) is the serious EV competitor with local production.

Implication → ASII is at the centre of Indonesia's automotive EV disruption. Toyota's delayed EV strategy (strong hybrid first) is a 2–3 year buffer. The decade-long risk is structural market share loss in passenger vehicles to BYD/Hyundai if EV penetration accelerates.

Threat of substitutesMedium

Risk that alternative products/services replace demand.

For automotive: public transit (MRT, LRT, KRL Commuter) substitutes car ownership in Jakarta, but only for the commute use case, not weekend/family travel. Ride-hailing (Gojek, Grab) reduces marginal car use in urban areas: may suppress addressable market growth. Motorcycle is a partial substitute for small/economy cars in the sub-IDR 200 M segment (AHM itself captures this via Honda motorcycles). For financial services: digital banks and fintech lenders (Kredivo, Akulaku) compete for consumer credit.

Implication → Substitution risk for ASII is most acute in passenger cars (EV + ride-hailing + transit) and consumer finance (fintech). Motorcycles (AHM) and heavy equipment (UNTR) face lower substitution risk.

Competitive rivalryHigh

Intensity of competition among existing players.

Automotive: Indomobil Group (Nissan/Suzuki/Hino), Hyundai Motors Indonesia, BYD (importer Bakrie Auto Parts), Wuling (SGMW), and Kia Korea all compete against Toyota/Daihatsu. Motorcycle: Honda vs. Yamaha duopoly: intense but stable. Financial services: Bank Mandiri, BRI, BCA, CIMB Niaga, all compete for auto loans against FIFGROUP/ACC. Conglomerate rivalry is portfolio-specific: ASII has no true conglomerate peer at its scale in Indonesia (Salim Group is private; Bakrie Group is financially stressed).

Implication → ASII's conglomerate structure creates diversification that no single-sector rival can match. The real competitive threat is EV-native OEMs disrupting the automotive core, which is ~45 % of group revenue.

Key Drivers & Sensitivities

Indonesia Vehicle Sales Volume (Gaikindo)
Indonesia annual car market ~1.0 M units (FY2023). Each 1 % increase in total market = ~4,500 units × ASII's ~45 % share = ~2,000 incremental units for Toyota/Daihatsu. GDP per capita is the dominant demand variable: income above ~USD 4,000/capita correlates with car ownership inflection. Indonesia at ~USD 4,500–5,000/capita (2024) is near the historical inflection point for mass motorisation.
EV Disruption & Chinese OEM Market Share Gain
BYD, Wuling, Chery, Neta gained ~3–5 % of total car market in 2023–2024 (estimated). Government zero-import-duty on EV CBUs (through 2025) provides price parity support. Toyota's hybrid (Yaris Cross Hybrid, Kijang Innova Zenix) is the defensive play: higher ASP, no EV range anxiety. Each 1 pp shift from Toyota/Daihatsu to Chinese EV brands reduces ASII automotive revenue by ~Rp 2–3 T pa (estimated). Toyota's global EV acceleration post-2025 will determine whether ASII can defend share.
BI Rate Cycle: Financial Services Impact
FIFGROUP and ACC are financing-rate sensitive: higher BI rate compresses consumer affordability and raises cost of funds for ASII's captive finance arms. Bank Permata NIM is also BI-rate linked. Each 100 bps BI cut improves vehicle finance affordability by ~3–5 % monthly installment reduction: directly stimulating car sales. BI rate cut cycle (2025) is a multi-segment tailwind for ASII.

Cross-Industry Linkages

ASII is the largest single-company weight in many IDX sector indices: its performance correlates with broad Indonesia market sentiment. UNTR (heavy equipment, 59.5 % owned) and AALI (plantation, 79.7 % owned) are separately listed and provide real-time subsidiary insights. AHM motorcycle sales are an economic real-time pulse (Indonesia's 140 M two-wheeler fleet is the commute backbone). Bank Permata links ASII to the banking sector performance (OJK metrics). ASII's TKDN compliance for auto manufacturing ties it to Indonesian industrial policy (Kemenperin).

Recent Developments

Automotive is where the Indonesian conglomerate story is being decided, and the incumbent position is eroding measurably. Total car sales slid 7.2% in 2025 on weak demand, then rose 12% in early 2026 as electric demand accelerated, and through that swing the largest domestic group saw its share of the car market fall to about 49% from 51%. The pressure is specific rather than general: Chinese brands lifted sales 153% year on year in the first quarter of 2025 and now hold roughly 10% of the market against 3.83% a year earlier, with BYD reaching sixth place on about 10,265 units and a 4.8% share on an all-electric line-up. Electrification is the mechanism. Electric and plug-in hybrid vehicles reached 15.2% of passenger car sales in the second quarter of 2025, up from 10.1% in the first, so a portfolio weighted to internal combustion is losing addressable market share quarter by quarter regardless of how well it sells its existing models. Two-wheelers remain the profit anchor and are far more defended. The market grew just 0.6% in 2025 to roughly 6.55 million units after 2.1% in 2024, but Honda held about 76% of unit sales with Yamaha near 20%, so about 96% of the market sits with two players. That near-duopoly, not the car business, is what stabilises group earnings, and it is why the automotive share loss matters more for growth than for near-term profit.

Regulation

Automotive: TKDN (local content requirements); Kemenperin mandates increasing local content for ICE vehicles; EV zero-import-duty requires TKDN roadmap commitment. LCGC (Low Cost Green Car) programme defines sub-Rp 200 M vehicle subsidies (Ayla/Agya, Brio). EV government incentive: PP 74/2021 + Perpres 79/2023 for EV import duty exemptions. Bank Permata: OJK supervision, KBMI classification, capital ratio requirements. FIFGROUP/ACC: OJK non-bank financial institution supervision, consumer credit conduct rules. AALI: RSPO + mandatory halal (CPO-derived products), HGU land title.

Cycle Position

Mid-cycle: automotive in steady demand environment (no boom, no bust). Heavy equipment (UNTR) in mid-cycle downturn (coal capex pullback). Financial services improving as BI rate cuts improve affordability and NIM stabilises. EV disruption is a secular structural shift overlaid on the macro cycle: the most important long-run variable for ASII valuation.

ESG & Sustainability

Carbon from automotive operations: scope 3 emissions from ICE vehicle fleet (140 M + motorcycles) are Indonesia's largest mobile source. Toyota's hybrid strategy partially addresses this but does not resolve it. AALI palm oil: deforestation and peatland compliance under RSPO + ISPO. Bank Permata: green lending policy under OJK Sustainable Finance Roadmap. UNTR gold mining (Martabe): community engagement, cyanide tailings management. ASII is a signatory to the UN Global Compact: sustainability disclosures improving but still lagging global peers.

Risks

Chinese EV OEMs (BYD, Wuling, Chery) structurally eroding Toyota/Daihatsu market share as EV duty exemptions extend or TKDN thresholds are met by local assembly
Coal price weakness compressing UNTR earnings: UNTR is ~40 % of ASII group EBIT
CPO price volatility squeezing AALI margins and ASII's agribusiness earnings contribution
Bank Permata NPL deterioration in a consumer credit cycle downturn: financial services at risk if BI rate rises again
Toyota global manufacturing strategy divergence from Indonesian JV interests: product pipeline delays or EV model prioritisation for other markets

Outlook & What to Watch

ASII remains Indonesia's most diversified blue-chip: sum-of-parts value exceeds holding-company market cap (typical conglomerate discount ~15–25 %). Near term: BI rate cut cycle is a multi-segment tailwind (auto finance + Bank Permata). Medium term: EV disruption is the key re-rating risk for automotive (45 % of revenue). Long term: Indonesia's GDP per capita trajectory to USD 6,000–8,000 should double the addressable vehicle market; ASII is structurally well-positioned if it navigates EV transition.

Sector KPIs

Wholesale Car Units (ASII + TAM/ADM, units/yr): Primary automotive volume metric; Gaikindo data; tracks ASII's core revenue driver
ASII Market Share (%, Gaikindo): Toyota + Daihatsu share of total Indonesia car market; structural competitiveness indicator
FIFGROUP + ACC Receivables Growth (%): Consumer credit book; tracks vehicle finance demand and credit quality
UNTR Revenue & EBIT (IDR T): Heavy equipment / mining contribution; ~40 % of ASII group EBIT: key subsidiary tracker
EV Market Share (% of total cars): BYD + Wuling + Hyundai EV share; inverse indicator of ASII ICE volume risk
Net Profit / Group Revenue (%): Conglomerate-level net margin; target range ~10–12 % (FY2023 ~11 %)

Sources

Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic.