Analisa Saham ASII | 10 September 2018

ID - [ASII IJ]: Ground Checks: Higher discount on Innova, but lower on Rush
Analyst: Andrey Wijaya

On our ground checks to a Auto 2000 dealer, Innova sales price increased by IDR3m/unit, while Avanza and Rush sales price remained same. In our calculation, based on Gaikindo data, Innova, Avanza, and Rush accounted for 9.6%, 14.3%, 9.7%, respectively of Astra 7M18 4W wholesale.

Higher discount on Innova, but lower discount on Rush:
♦ Innova sales discount increased to IDR25m in Sept (IDR15m in Aug).
♦ Rush sales discount came lower. There is no sales discount on Rush in Sept (versus IDR1m discount in August).
♦ Avanza sales discount remained same (IDR25m)

Sales price:
♦ New Innova 2.0G A/T Lux: Sept: IDR329.75m, Aug: IDR326.75m
♦ New Avanza 1.3G A/T: Sept: IDR219.65m, Aug: IDR219.65m
♦ All New Rush 1.5 G A/T: Sept: IDR250.05m, Aug: IDR250.05m

We see minimum impact on higher sales discount on Innova since it likely to be partially offset by higher its sales price. In addition, Innova contributed less than 10% of Astra car sales.

Maintain BUY with SOP-based IDR9,200 TP, which implies to 14-13x FY19-20F P/Es.