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There is no one analyst in which a Quantitative Fair Value Estimate and Quantitative
Star Rating are attributed to; however, Mr. Lee Davidson, Head of Quantitative
Price vs. Quantitative Fair Value
Research for Morningstar, Inc., is responsible for overseeing the methodology that 2015 2016 2017 2018 2019 2020 Quantitative Fair Value Estimate
supports the quantitative fair value. As an employee of Morningstar, Inc., Mr. Total Return
Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal Securities
Trading Policy in carrying out his responsibilities. For information regarding Conflicts Sales/Share
11,810
of Interests, visit http://global.morningstar.com/equitydisclosures Forecast Range
Forcasted Price
9,448 Dividend
Company Profile
Split
PT Astra International Tbk Indonesia based conglomerate of Momentum: —
7,086
companies operating in seven segments: Automotive, Standard Deviation: 20.20
Financial Services, Heavy Equipment and Mining, Liquidity: High
4,724
Agribusiness, Infrastructure and Logistics, Information
Technology, and Property. In automotive, Astra International 6,100.00 52-Wk 8,775.00
offers cars brands including Toyota, Daihatsu, Isuzu, BMW, 2,362
Peugeot, UD Trucks, and Honda motorcycles. The company 4,975.00 5-Yr 9,350.00
also offers car maintenance and services via its distribution
-16.3 40.7 2.3 1.4 -8.5 Total Return %
network. Financial services support financing for Astra's other
-13.0 34.5 -25.9 15.9 -18.9 +/– Market (Morningstar World
Index)
Quantitative Scores Scores 3.60 2.03 2.02 2.31 2.88 Trailing Dividend Yield %
All Rel Sector Rel Country 3.60 2.03 2.02 2.31 2.88 Forward Dividend Yield %
Quantitative Moat Narrow 90 92 90 14.6 24.3 18.7 15.3 13.7 Price/Earnings
Valuation Undervalued 35 32 42 1.3 1.9 1.7 1.4 1.2 Price/Revenue
Quantitative Uncertainty High 98 99 100 Morningstar RatingQ
Financial Health Moderate 77 60 69 QQQQQ
QQQQ
QQQ
ASII QQ
t IDN Q
2014 2015 2016 2017 2018 TTM Financials (Fiscal Year in Bil)
Undervalued Fairly Valued Overvalued
201,701 184,196 181,084 206,057 239,205 242,990 Revenue
Source: Morningstar Equity Research 4.0 -8.7 -1.7 13.8 16.1 1.6 % Change
20,264 17,308 17,598 20,385 26,960 27,870 Operating Income
8.6 -14.6 1.7 15.8 32.3 3.4 % Change
Valuation Sector Country
Current 5-Yr Avg Median Median 19,181 14,464 15,156 18,881 21,673 21,908 Net Income
Price/Quant Fair Value 0.90 0.97 0.80 0.85 — — — — — — Operating Cash Flow
Price/Earnings 13.7 17.5 16.2 13.0 -10,559 -8,198 -7,720 -10,630 -14,501 -15,838 Capital Spending
Forward P/E 12.4 — 12.3 11.3 4,404 18,092 11,687 12,655 13,191 12,422 Free Cash Flow
Price/Cash Flow 10.6 14.8 10.2 8.3 2.2 9.8 6.5 6.1 5.5 5.1 % Sales
Price/Free Cash Flow 24.2 31.3 17.7 15.2 474.00 357.00 374.00 466.00 535.00 541.00 EPS
Trailing Dividend Yield % 2.88 2.57 2.46 2.76 -1.3 -24.7 4.8 24.6 14.8 1.1 % Change
Price/Book 2.1 2.9 1.6 1.2 96.88 386.03 380.00 249.04 400.58 306.84 Free Cash Flow/Share
Price/Sales 1.2 1.6 0.9 1.2 216.00 216.00 168.00 168.00 190.00 190.00 Dividends/Share
2,235.62 2,477.87 2,611.09 2,946.01 3,272.44 3,502.58 Book Value/Share
Profitability Sector Country 40,484 40,484 40,484 40,484 40,484 40,484 Shares Outstanding (Mil)
Current 5-Yr Avg Median Median
Return on Equity % 16.2 16.6 12.2 11.4 Profitability
21.4 14.6 14.2 16.0 16.6 16.2 Return on Equity %
Return on Assets % 6.6 6.8 5.4 4.6
Revenue/Employee (Bil) 1.1 1.1 0.0 1.2 8.5 6.0 6.0 6.8 6.8 6.6 Return on Assets %
9.5 7.9 8.4 9.2 9.1 9.0 Net Margin %
Financial Health
0.90 0.77 0.71 0.74 0.75 0.73 Asset Turnover
Sector Country
Current 5-Yr Avg Median Median 2.5 2.4 2.3 2.4 2.5 2.5 Financial Leverage
Distance to Default 0.6 0.6 0.6 0.5 19.2 19.9 20.1 20.6 21.2 21.4 Gross Margin %
Solvency Score 397.5 — 486.0 509.1 10.1 9.4 9.7 9.9 11.3 11.5 Operating Margin %
Assets/Equity 2.5 2.4 1.8 2.1 32,052 33,554 25,031 31,380 40,049 46,421 Long-Term Debt
Long-Term Debt/Equity 0.3 0.3 0.2 0.3 95,611 102,043 111,951 123,645 136,947 141,797 Total Equity
4.0 3.8 3.8 4.0 3.7 3.7 Fixed Asset Turns
Growth Per Share Quarterly Revenue & EPS Revenue Growth Year On Year %
1-Year 3-Year 5-Year 10-Year Revenue (Bil) Mar Jun Sep Dec Total
Revenue % 16.1 9.1 4.3 9.4 2019 59,607.0 — — — —
Operating Income % 32.3 15.9 7.6 8.5 2018 55,822.0 56,732.0 62,327.0 64,324.0 239,205.0 18.4 19.4
Earnings % 14.8 14.4 2.2 9.0 2017 48,780.0 49,251.0 52,194.0 55,832.0 206,057.0 16.5
14.4 14.4 15.2 15.2
Dividends % 13.1 -4.2 -2.4 9.3 2016 41,887.0 46,321.0 44,086.0 48,790.0 181,084.0
Book Value % 10.6 10.3 10.3 — Earnings Per Share ()
6.3 6.8
Stock Total Return % 10.0 6.4 2.9 14.8 2019 129.00 — — — —
2018 123.00 134.00 165.00 113.00 535.00
2017 126.00 105.00 119.00 116.00 466.00
2017 2018 2019
2016 77.00 99.00 103.00 95.00 374.00
© Morningstar 2019. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ®
opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and
are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, ß
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Quantitative Equity Report | Release: 17 Jun 2019, 07:48 UTC | Reporting Currency: IDR | Trading Currency: IDR Page 2 of 4
Uncertainty)
Quantitative Equity Reports Overview Five-Star – the stock is undervalued with a reasonable margin of safety.
Log (Quant FVE/Price) > 1*Quantitative Uncertainty
© Morningstar 2019. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ®
opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and
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Quantitative Equity Report | Release: 17 Jun 2019, 07:48 UTC | Reporting Currency: IDR | Trading Currency: IDR Page 3 of 4
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