Automotive - miraeasset.co.id · sebesar 10-20%). Karena sebagian besar penjualan mobil di...

PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Automotive Slower sales, but potential sedan tax cut could provide a boost

Sluggish economic growth implies slower 4W sales

Kami merevisi estimasi pertumbuhan PDB 2017F dari 5,3% menjadi 5,1% YoY. Kami juga merevisi proyeksi PDB 2018F kami dari 5,5% menjadi 5,2% YoY. Perlu dicatat bahwa industri 4W sangat bergantung pada pertumbuhan PDB, yang menunjukkan korelasi kuat 0,87. Karenanya, kami menurunkan perkiraan penjualan 4W Indonesia dari 1,175 juta menjadi 1,127 juta unit untuk 2017F, dan dari 1,209 juta menjadi 1,142 juta unit untuk 2018F. Kami juga merevisi proyeksi penjualan 4W Astra International (ASII). Untuk 2017F dan 2018F, kami memproyeksikan bahwa ASII masing-masing akan menjual 589.9k dan 598.9k unit (dari 615.6k dan 637.1 unit). Kami mempertahankan rekomendasi Trading Buy di ASII, namun kami menurunkan target harga menjadi IDR8.925 (dari IDR9.200) karena perkiraan yang lebih rendah untuk penjualan 4W ASII.

Could sedan tax cut be the next catalyst?

Dalam beberapa minggu terakhir, market membicarakan adanya penurunan PPnBM untuk mobil sedan ke level yang sama dengan mobil non-sedan. Karena mobil sedan dinilai sebagai barang mewah (vs. jenis mobil lainnya), pemerintah Indonesia mengenakan tarif PPnBM yang tinggi, sebesar 30-40% (vs. yang lain sebesar 10-20%). Karena sebagian besar penjualan mobil di Indonesia adalah non-sedan, produsen menyesuaikan dengan memfokuskan pabrik baru mereka pada tipe non-sedan saja. Mengingat pasar mobil global didominasi oleh sedan, kami lihat ini bertentangan dengan tujuan pemerintah untuk memacu ekspor nasional. Dalam RAPBN 2018, pemerintah menargetkan pertumbuhan ekspor 5,1% YoY, yang menurut kami cukup optimis mengingat angka pertumbuhan ekspor ini adalah tertinggi dalam lima tahun terakhir. Karena itu, kami optimis bahwa penurunan pajak PPnBM untuk sedan akan segera terealisasi, yang pada akhirnya akan menguntungkan pemain di industri otomotif, salah satunya adalah Astra International (ASII / Trading Buy / TP IDR8,925) .

Overweight (Maintain)

Industry Report August 31, 2017

PT. Mirae Asset Sekuritas Indonesia Miscellaneous Industry Franky Rivan +62-21-515-1140 (ext.: 124) [email protected]

Indonesia’s 4W sales performance and forecast

Source: Gaikindo, Mirae Asset Sekuritas Indonesia Research

608

486

765

894

1,116

1,230 1,208

1,013 1,062

1,127 1,143

-16.1%

4.8% 6.2%1.4%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

0

200

400

600

800

1,000

1,200

1,400

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F

Th

ou

sa

nd

s

Indonesia 4W sales (L) YoY growth (R)(k units)

Automotive

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August 31, 2017

Mirae Asset Sekuritas Indonesia Research

Figure 1. Mirae Asset Sekuritas Cartoon

Source: Mirae Asset Sekuritas Indonesia Research

Automotive

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August 31, 2017


Figure 2. Our revised macro projections

Source: Mirae Asset Sekuritas Indonesia Research Note: Consensus based on Bloomberg

Figure 3. Correlation between Indonesia’s GDP growth and car sales


Figure 4. Indonesia’s 4W sales & GDP growth performance Figure 5. Indonesia’s 4W sales performance and forecasts

Source: BPS, Gaikindo, Mirae Asset Sekuritas Indonesia Research


Correlation = 0.87R² = 0.76

4

4.5

5

5.5

6

6.5

7

7.5

8

-30 -20 -10 0 10 20 30 40 50 60 70

(GDP; %YoY)

(Car sales; %YoY)

0

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2

3

4

5

6

7

8

-30

-20

-10

0

10

20

30

40

50

60

70

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Indonesia 4W sales (L)

Indonesia GDP growth (R)

(YoY %) (YoY %)

608

486

765

894

1,116

1,230 1,208

1,013 1,062

1,127 1,143

-16.1%

4.8%6.2%1.4%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

0

200

400

600

800

1,000

1,200

1,400

Th

ou

sa

nd

s

Indonesia 4W sales (L) YoY growth (R)(k units)

Automotive

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August 31, 2017


Table 1. Change in 4W and 2W assumptions and forecasts (% YoY; thousand units) 2016 Unrevised 2017F Unrevised 2018F Revised 2017F Revised 2018F Real GDP (Constant 2010) 5.0 5.3 5.5 5.1 5.2 Private consumption 5.0 5.1 5.2 5.0 5.1 CPI (avg.) 3.5 4.1 4.3 4.1 4.3 Crude oil price (WTI; USD/bbl.) 53.7 55.5 52.2 55.5 52.2 4W sales 1,061.7 1,175.6 1,209.4 1,127.1 1,143.0 2W sales 5,931.3 6,291.5 6,207.9 6,291.5 6,207.9 Source: Mirae Asset Sekuritas Indonesia Research

Table 2. Indonesia’s luxury-goods sales tax (LST/PPnBM) rates on 4W and 2W over the years

Vehicle type Wheel driver system Motor system engine

Cylinder capacity (cc)

LST rate (%) 2006 2014 2015 2016 2017

Passenger vehicles, capacity < 10 people Sedan/station wagon All types Spark ignition ≤ 1,500 30 30 30 30 30 > 1,500 up to 3,000 40 40 40 40 40 > 3,000 75 75 125 125 125

Compression ignition (diesel/semi-diesel) ≤ 1,500 30 30 30 30 30

> 1,500 up to 2,500 40 40 40 40 40 > 2,500 75 75 125 125 125 Other than sedan/station wagon 4X2 Spark ignition ≤ 1,500 10 10 10 10 10 > 1,500 up to 2,500 20 20 20 20 20 > 2,500 up to 3,000 40 40 40 40 40 > 3,000 75 75 125 125 125


> 1,500 up to 2,500 20 20 20 20 20 > 2,500 75 75 125 125 125 4X4 Spark ignition ≤ 1,500 30 30 30 30 30 > 1,500 up to 3,000 40 40 40 40 40 > 3,000 75 75 125 125 125


> 1,500 up to 2,500 40 40 40 40 40 > 2,500 75 75 125 125 125 Passenger vehicles, capacity 10-15 people All types All types All types 10 10 10 10 10 Double-cabin vehicles All types All types All types 20 20 20 20 20 Two-wheel motor vehicles > 250 up to 500 60 60 60 60 60

> 500 75 75 125 125 125 Source: PwC, Mirae Asset Sekuritas Indonesia Research

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August 31, 2017


Figure 6. Indonesia’s car sales by type, 2016 Figure 7. Indonesia’s annual sedan sales performance



Figure 8. Global passenger car sales by type, 2016 Figure 9. Global passenger car sales performance


Source: OICA, Mirae Asset Sekuritas Indonesia Research

Table 3. Ten best-selling cars in Indonesia, 2016 (thousand units) No. Brand Type Sales 1 Toyota Avanza MPV 123 2 Toyota Kijang Innova MPV 57 3 Toyota Calya MPV 47 4 Toyota Agya City Car 45 5 Daihatsu Xenia MPV 45 6 Honda HR-V SUV 44 7 Daihatsu Ayla City Car 39 8 Honda BR-V SUV 39 9 Daihatsu Gran Max Pick-up 38 10 Honda Brio Satya City Car 36 Source: Gaikindo, Mirae Asset Sekuritas Indonesia Research

57%

1%

12%

6%

2%

22%

Non-sedan 1,500-2,500 cc(MPV, LMPV, SUV, Minivan,City Car, Hatch Back)

Sedan

Pick-up

Truck <5 ton

Bus, double cabin, 4x4, non-sedan > 2,500 cc

LCGC

38.9

13.3

11.0

1.3

0

2

4

6

8

10

12

0

5

10

15

20

25

30

35

40

45

Th

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s

Annual sedan sales (L)Contribution to total (R)

(k units) (%)

54%

25%

4%

17% Sedan

SUV

MPV

Pick-up

69.5

4.8

-4

-2

0

2

4

6

8

10

12

14

0

10

20

30

40

50

60

70

80

Global passenger car sales (L)YoY growth (R)

(mn units) (%)

Automotive

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August 31, 2017


Table 4. Eleven best-selling cars in the world, 2016 (thousand units) No. Brand Type Sales 1 Toyota Corolla Sedan 1,300 2 Ford F-Series Pick-up 994 3 VW Golf Sedan 991 4 Hyundai Elantra Sedan 788 5 Honda CR-V SUV 752 6 Ford Focus Sedan 735 7 Toyota RAV4 SUV 724 8 VW Polo Sedan 704 9 Honda Civic Sedan 669 10 Toyota Camry Sedan 661 11 Wuling Hongguang MPV 650 Source: Gaikindo, Mirae Asset Sekuritas Indonesia Research

Figure 10. Indonesia’s GDP and export growth performance Figure 11. Indonesia’s 4W CBU export performance

Source: Ministry of Finance, Mirae Asset Sekuritas Indonesia Research


Figure 12. Australian street snapshot: Dominated by sedans Figure 13. Toyota Corolla, best-selling car in the world and in Australia

Source: Internet, Mirae Asset Sekuritas Indonesia Research

Source: Company data, Mirae Asset Sekuritas Indonesia Research

5.95.6

5.0 4.9 5.0 5.2 5.4

1.6

4.2

1.1

-2.1-1.7

4.85.1

-3

-2

-1

0

1

2

3

4

5

6

7

2012 2013 2014 2015 2016 APBNP2017

RAPBN2018

GDP growth Export(%)

202 208 194

18.4

2.7-6.4

-60

-40

-20

0

20

40

60

80

100

120

0

50

100

150

200

250

Th

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sCBU export (L) YoY growth (R)(k units) (%)

Automotive

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August 31, 2017


Table 5. Change in ASII’s 4W and 2W assumptions and forecasts (% YoY; thousand units) 2016 Unrevised 2017F Unrevised 2018F Revised 2017F Revised 2018F Real GDP (Constant 2010) 5.0 5.3 5.5 5.1 5.2 Private consumption 5.0 5.1 5.2 5.0 5.1 CPI (avg.) 3.5 4.1 4.3 4.1 4.3 Crude oil price (WTI; USD/bbl.) 53.7 55.5 52.2 55.5 52.2 ASII 4W sales 590.9 615.6 637.1 589.9 598.9 ASII 4W market share (%) 55.7 52.4 52.7 52.3 52.4 ASII 2W sales 4,383.2 4,649.4 4,587.6 4,649.4 4,587.6 ASII 2W market share (%) 73.9 73.9 73.9 73.9 73.9 Source: Mirae Asset Sekuritas Indonesia Research

Table 6. ASII segments’ 2017F earnings before GDP revision (IDRbn)

Auto-

motive Financial services

HE and mining

Agri-business Other Eliminatio

n Consolidate

d Net revenue 106,235 18,040 52,156 15,305 11,439 -3,305 199,869 Cost of revenue -95,916 -7,823 -40,760 -11,290 -9,015 3,175 -161,630 Gross profit 10,319 10,216 11,396 4,015 2,424 -130 38,240 Operating expenses -8,472 -5,777 -3,031 -1,144 -1,113 764 -18,773 Operating profit 1,847 4,440 8,365 2,871 1,311 634 19,467 Net profit 9,976 2,321 4,983 1,132 505 -36 18,880 Source: Mirae Asset Sekuritas Indonesia Research

Table 7. ASII segments’ 2017F earnings after GDP revision (IDRbn)

Auto-

motive Financial services

HE and mining

Agri-business Other Eliminatio

n Consolidate

d Net revenue 103,486 17,573 50,807 14,909 11,143 -3,219 194,699 Cost of revenue -93,316 -7,611 -39,656 -10,984 -8,770 3,089 -157,249 Gross profit 10,170 9,962 11,151 3,925 2,373 -131 37,449 Operating expenses -8,315 -5,673 -2,977 -1,123 -1,094 749 -18,433 Operating profit 1,855 4,289 8,174 2,802 1,279 619 19,017 Net profit 9,770 2,246 4,882 1,103 481 -38 18,444 Source: Mirae Asset Sekuritas Indonesia Research

Figure 14. ASII’s 2017F P/E range


-1 Std Dev

Avg P/E

+1 Std Dev

-2 Std Dev

+2 Std Dev

10

12

14

16

18

20

22

24

8/12 8/13 8/14 8/15 8/16 8/17

( x )

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August 31, 2017


Table 8. SOTP valuation used to derive ASII’s equity value (IDRbn)

Segment Equity value Value attributed to 2017F

Equity value per share (IDR)

Contribution to total (%)

Multiples (x)

Automotive 198,207.1 198,207.1 4,895.9 54.9 20.3 Financial services 66,827.3 53,219.6 1,314.6 14.7 1.9 Heavy equipment and mining 133,319.2 79,991.5 1,975.9 22.1 27.3 Agribusiness 29,447.7 23,558.2 581.9 6.5 Others 9,068.6 6,208.1 153.3 1.7 18.9 ASII equity value 361,184.4 100.0 ASII outstanding shares (bn) 40.48 ASII equity value per share (IDR) 8,921.7 TP (IDR/share) 8,925 Source: Mirae Asset Sekuritas Indonesia Research

Table 9. Comparable to value ASII’s equity value (USDbn, x) Automotive segment Country Business characteristics Market Cap 2017F P/E Maruti Suzuki India India Auto manufacturer 35.3 27.8 Tata Motors India Auto manufacturer 22.9 14.9 Great Wall Motor China Auto manufacturer 15.7 16.3 Bajaj Auto India Auto manufacturer 12.7 18.8 Mahindra & Mahindra India Auto manufacturer 13.3 17.7 Geely Automobile Holdings China Auto manufacturer 20.2 18.5 Brilliance China Automotive Hong Kong Auto manufacturer 10.8 17.2 Tvs Motor India Auto manufacturer 4.2 35.1 Hotai Motor Taiwan Auto retailer 6.6 19.0 Pang Da Automobile China Auto retailer 2.7 30.9 Zhongsheng Group Holdings China Auto retailer 4.7 14.9 China Yongda Automobiles China Auto retailer 2.0 15.1 Bermaz Auto Malaysia Auto retailer 0.5 13.1 Weighted average 20.3 Financial services segment Country 2017F P/B Jakarta Stock Exchange Finance Index Indonesia 1.9 Heavy equipment and mining segment Country Business characteristics Market Cap 2017F P/E Caterpillar Inc United States Heavy equipment 63.2 28.4 Komatsu Ltd Japan Heavy equipment 26.0 25.0 Sany Heavy Industry China Heavy equipment 9.5 32.4 Hitachi Construction Machine Japan Heavy equipment 5.7 29.5 XCMG Construction Machine China Heavy equipment 4.1 40.9 Adaro Energy Indonesia Coal miner 4.4 10.5 Tambang Batubara Bukit Asam Indonesia Coal miner 2.3 9.2 Ausdrill Ltd Australia Mining services 0.5 22.2 Maca Ltd Australia Mining services 0.3 12.1 NRW Holdings Ltd Australia Mining services 0.2 11.9 Nusa Raya Cipta Indonesia Construction services 0.1 10.2 Weighted average 27.3 Others segment Country Business characteristics Market Cap 2017F P/E Jasa Marga Indonesia Toll road operator 2.9 20.0 Zensar Technologies Ltd India IT services 0.6 13.4 Weighted average

18.9 Source: Mirae Asset Sekuritas Indonesia Research

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Astra International (ASII/Trading Buy/TP IDR8,925)

Annual Income Statement (Summarized) Annual Balance Sheet (Summarized)

(IDRbn) 12/15 12/16 12/17F 12/18F (IDRbn) 12/15 12/16 12/17F 12/18F Revenue 184,196 181,084 194,699 195,460 Cash and equivalents 27,102 29,357 31,320 34,535 Cost of revenue -147,486 -144,652 -157,249 -158,171 Account receivables 18,088 18,946 19,072 20,450 Gross profit 36,710 36,432 37,449 37,289 Retention receivables 31,728 33,216 35,713 35,853 Operating expenses -19,498 -18,898 -18,433 -18,691 ST due from customers 18,337 17,771 18,422 19,665 Operating profit 17,212 17,534 19,017 18,598 Inventories 9,906 11,113 11,949 11,995 Interest expense -1,370 -1,745 -1,751 -1,630 Other current assets 41,702 43,237 44,627 45,653 Interest income 1,515 1,699 2,188 2,334 Fixed assets 23,201 26,988 29,017 29,131 Net non-operating gains (losses) 2,273 4,765 6,858 6,885 Other long-term assets 75,371 81,227 87,858 89,907 Pre-tax profit 19,630 22,253 26,312 26,188 Total assets 245,435 261,855 277,978 287,190 Tax expense -4,017 -3,951 -4,917 -4,894 Account payables 20,557 22,489 24,447 24,591 Net profit 15,613 18,302 21,395 21,294 Short-term debt 36,202 45,820 37,961 37,412 Minority interest -1,149 -3,146 -2,951 -2,963 Other short-term liabilities 19,483 20,770 22,332 22,419 Attributable net profit 14,464 15,156 18,444 18,331 Long-term debt 34,447 25,090 32,949 32,473 Other long-term liabilities 8,213 7,780 8,365 8,398 Growth (YoY %) 12/15 12/16 12/17F 12/18F Total liabilities 118,902 121,949 126,054 125,292 Revenue -8.7 -1.7 7.5 0.4 Paid in capital 7,915 9,170 9,170 9,170 Cost of revenue -9.5 -1.9 8.7 0.6 Additional paid in capital 1,139 1,139 1,139 1,139 Gross profit -5.4 -0.8 2.8 -0.4 Retained earnings 92,989 101,642 111,558 121,414 Operating expenses 4.6 -3.1 -2.5 1.4 Total equity attributable to majority 102,043 111,951 121,867 131,723 Operating profit -14.6 1.9 8.5 -2.2 Non-controlling interest 24,490 27,955 30,057 30,174 Interest expense -0.4 27.4 0.4 -6.9 Total shareholders' equity 126,533 139,906 151,924 161,897 Net non-operating gains (losses) -66.3 109.6 43.9 0.4 Pre-tax profit -27.5 13.4 18.2 -0.5 Tax expense -18.5 -1.6 24.4 -0.5 Net profit -29.5 17.2 16.9 -0.5 Minority interest -60.9 173.8 -6.2 0.4 Attributable net profit -24.6 4.8 21.7 -0.6

Key performance indicators Annual Cash Flow Statement (Summarized)

12/15 12/16 12/17F 12/18F (IDRbn) 12/15 12/16 12/17F 12/18F Per share data Net profit 14,464 15,156 18,444 18,331

EPS (IDR) 357.3 374.4 455.6 452.8 Depreciation 10,895 3,889 5,500 5,941

EPS growth (%) -24.6 4.8 21.7 -0.6 Changes in net working capital 281 9,850 -8,449 -3,126

BVPS (IDR) 3125.8 3456.2 3753.1 3999.4 Operating cash flow 25,640 28,895 15,495 21,147

BVPS growth (%) 5.3 10.6 8.6 6.6 PP&E investing activities -5,819 -5,037 -6,231 -6,256

DPS (IDR) 216.0 168.0 210.7 209.4 I.P investing activities -913 -230 -704 -707

Key ratio Others investing activities -5,651 -9,800 -8,615 -2,167

ROE (%) 11.4 10.8 12.1 11.3 Investing cash flow -12,383 -15,067 -15,551 -9,130

ROA (%) 5.9 5.8 6.6 6.4 Non-current financing activities 1,061 -9,790 8,444 -444

Gross profit margin (%) 19.9 20.1 19.2 19.1 Changes in equity 902 1,255 0 0

Operating margin (%) 9.3 9.7 9.8 9.5 Changes in minority interest -203 3,465 2,102 118

Net profit margin (%) 7.9 8.4 9.5 9.4 Dividend paid -8,744 -6,801 -8,527 -8,475

Net debt/equity (x) 0.3 0.3 0.3 0.2 Financing cash flow -6,984 -11,871 2,018 -8,801

Debt/equity (x) 0.6 0.5 0.5 0.4 Net worth adjustment -73 298 0 0 Assets/equity (x) 1.9 1.9 1.8 1.8 Net cash 6,200 2,255 1,963 3,216 Current ratio (x) 1.4 1.2 1.4 1.5 Beginning balance 20,902 27,102 29,357 31,320

Quick ratio (x) 0.6 0.5 0.6 0.7 Ending balance 27,102 29,357 31,320 34,535

Automotive

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Quarterly Income Statement (Summarized) Quarterly Balance Sheet (Summarized)

(IDRbn) 2Q17 3Q17F 4Q17F 1Q18F (IDRbn) 2Q17 3Q17F 4Q17F 1Q18F Revenue 49,251 48,002 49,526 47,200 Cash and equivalents 31,725 31,522 31,320 32,123 Cost of revenue -39,589 -38,909 -40,024 -38,541 Account receivables 22,063 20,567 19,072 19,416 Gross profit 9,662 9,094 9,502 8,659 Retention receivables 33,409 34,561 35,713 35,748 Operating expenses -5,448 -4,526 -4,446 -4,527 ST due from customers 18,902 18,662 18,422 18,733 Operating profit 4,214 4,568 5,056 4,132 Inventories 11,589 11,769 11,949 11,960 Interest expense -534 -434 -426 -341 Other current assets 46,067 45,347 44,627 44,884 Interest income 1,486 1,072 627 1,174 Fixed assets 27,138 28,078 29,017 29,045 Net non-operating gains (losses) 1,407 1,467 711 1,089 Other long-term assets 95,724 91,791 87,858 88,371 Pre-tax profit 6,573 6,674 5,968 6,055 Total assets 286,617 282,298 277,978 280,281 Tax expense -1,299 -1,328 -1,044 -1,154 Account payables 28,565 26,506 24,447 24,483 Net profit 5,274 5,346 4,924 4,901 Short-term debt 50,720 44,340 37,961 37,824 Minority interest -1,004 -627 -747 -642 Other short-term liabilities 24,864 23,598 22,332 22,353 Attributable net profit 4,270 4,718 4,177 4,259 Long-term debt 27,471 30,210 32,949 32,830 Other long-term liabilities 9,481 8,923 8,365 8,373 Growth (QoQ %) 2Q17 3Q17F 4Q17F 1Q18F Total liabilities 141,101 133,577 126,054 125,864 Revenue 1.0 -2.5 3.2 -4.7 Paid in capital 9,048 9,109 9,170 9,170 Cost of revenue 2.1 -1.7 2.9 -3.7 Additional paid in capital 1,139 1,139 1,139 1,139 Gross profit -3.5 -5.9 4.5 -8.9 Retained earnings 106,440 108,999 111,558 114,022 Operating expenses 10.3 -16.9 -1.8 1.8 Total equity attributable to majority 116,627 119,247 121,867 124,331 Operating profit -16.9 8.4 10.7 -18.3 Non-controlling interest 28,889 29,473 30,057 30,086 Interest expense 5.3 -18.8 -1.8 -19.9 Total shareholders' equity 145,516 148,720 151,924 154,417 Net non-operating gains (losses) 7.7 4.3 -51.5 53.2 Pre-tax profit -10.7 1.5 -10.6 1.5 Tax expense 1.4 2.2 -21.4 10.5 Net profit -13.3 1.4 -7.9 -0.5 Minority interest 0.8 -37.5 19.1 -14.0 Attributable net profit -16.1 10.5 -11.5 2.0 Source: Company data, Mirae Asset Sekuritas Indonesia Research estimates

Automotive

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APPENDIX 1

Important Disclosures & Disclaimers

Stock Ratings Industry Ratings

Buy Relative performance of 20% or greater Overweight Fundamentals are favorable or improving

Trading Buy Relative performance of 10% or greater, but with volatility Neutral Fundamentals are steady without any material changes

Hold Relative performance of -10% and 10% Underweight Fundamentals are unfavorable or worsening

Sell Relative performance of -10%

* Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Mirae Asset Sekuritas Indonesia, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. Analyst Certification Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the research analyst (the “Analysts”) primarily responsible for this report. PT. Mirae Asset Seukritas Indonesia (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein. Disclaimers This report is published by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Indonesia and a member of the Indonesia Stock Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Indonesian language. In case of an English translation of a report prepared in the Indonesian language, the original Indonesian language report may have been made available to investors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset Daewoo and its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo.

Disclosures As of the publication date, PT. Mirae Asset Sekuritas Indonesia, and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding.

Automotive

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August 31, 2017


Distribution United Kingdom: This report is being distributed by Mirae Asset Securities (UK) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Mirae Asset Securities (USA) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Mirae Asset Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Mirae Asset Securities (USA) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Mirae Asset Securities (HK) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae Asset Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction. Mirae Asset Daewoo International Network

Mirae Asset Daewoo Co., Ltd. (Seoul) Mirae Asset Securities (HK) Ltd. Mirae Asset Securities (UK) Ltd. Global Equity Sales Team Mirae Asset Center 1 Building 26 Eulji-ro 5-gil, Jung-gu, Seoul 04539 Korea

Suites 1109-1114, 11th Floor Two International Finance Centre 8 Finance Street, Central Hong Kong China

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