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PremierInsight: INCO: ASII financing arms such as Federal International Finance (FIF), Astra Sedaya (ASF) and Toyota Astra Financial Service (TAFS) released financial result of FT16.
Monday, February 27, 2017       11:31 WIB

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Astra International ( IJ; Rp8,125; Buy) financing arms such as Federal International Finance (FIF), Astra Sedaya (ASF) and Toyota Astra Financial Service ( TAFS ) released financial result of FT16. FIF's net profit was Rp1.8tn (+19.8% yoy) mainly supported by increase in motorcycle and consumer financing accompanied by lower NPL. Meanwhile TAFS ' net profit reached Rp350bn (+14.4% yoy) due to significant increase in car financing as interest income grew +21.1% to Rp2.3tn. The other 4W financing, ASF booked net profit of Rp934bn (-3.6% yoy) as auto financing income was lower by -12.1% yoy to Rp3.8tn. We suspect that ASF has been competing with TAFS since they penetrate similar market. (Bisnis Indonesia)
 Comment: The financial arms of Astra seems to perform in FY16 except for Bank Permata ( IJ; Rp705; Not rated). We are confident that these automotive financing companies are to perform well in FY17 supported by higher volume from 4W and increase of ASP from up trending in 2W. We also expect the drag from Bank Permata to be over.  
Sumber : IPS RESEARCH

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