Rancak Media – , JAKARTA — Shares of several prominent automotive issuers, including PT Astra International Tbk. (ASII) and PT Indomobil Sukses Internasional Tbk. (IMAS), have demonstrated robust performance, remaining firmly in the green zone throughout 2025. This strong showing naturally prompts questions about their potential trajectory heading into 2026.
According to data from the Indonesia Stock Exchange (BEI), the performance of various automotive sector stocks has been notably impressive this year. For instance, ASII’s share price surged by 36.73% year-to-date (YtD) to reach Rp6,700 per share in today’s trading, Friday (December 5, 2025).
Beyond ASII, PT Astra Otoparts Tbk. (AUTO) also saw its share price climb by 20% YtD, reaching Rp2,760 per share. Similarly, PT Dharma Polimetal Tbk. (DRMA) recorded a 15.22% YtD increase, bringing its share price to Rp1,060 per share.
Meanwhile, PT Indomobil Sukses Internasional Tbk. (IMAS) showed an even more significant rise, with its shares appreciating by 50.28% YtD in 2025 to Rp1,360 per share.
Despite this stellar stock performance, Indonesia’s automotive sales throughout 2025 have largely remained subdued. Data from the Association of Indonesian Automotive Industries (Gaikindo) indicates that wholesale car sales volume from January to October 2025 contracted by 10.6% year-on-year (YoY), totaling 635,844 units. This figure is a decrease from the 711,064 units sold during the same period in 2024.
In line with this trend, retail car sales also experienced a 9.6% YoY decline, reaching 660,659 units compared to 731,113 units in the first ten months of 2024.
Miftahul Khaer, Equity Research Analyst at Kiwoom Sekuritas, suggests that the impressive gains in automotive stocks this year, despite weak national car sales, are likely driven by non-fundamental sentiments. “Additionally, there are expectations for future growth,” Miftah told Bisnis on Friday (December 5, 2025).
Major events like the GIIAS 2025 exhibition have fostered optimism for a rebound in demand. There is also an anticipation of government incentives to boost the automotive industry as it approaches 2026. Consistent with these factors, Miftah forecasts that the automotive sector’s outlook for 2026, while remaining complex, presents potential for upside.
“Provided that several catalysts such as interest rate cuts or easier credit access, fiscal policy stimulus, and a recovery in consumer purchasing power can become key drivers in the upcoming period,” Miftah explained.
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In parallel, Muhamad Rudy Setiawan, Research Analyst at MNC Sekuritas, highlighted that while four-wheel vehicle sales have generally declined this year, the two-wheel vehicle market has remained stable, bolstered by strong export figures.
“We anticipate a potential recovery in 2026, supported by stronger structural growth and Indonesia’s still-low 4W penetration rate,” Rudy stated in his research report.
Astra International Tbk. – TradingView
MNC Sekuritas maintains an overweight position on the automotive sector, projecting a recovery for the four-wheel segment throughout 2026, alongside resilient margins in the two-wheel segment.
MNC Sekuritas favors ASII with a buy recommendation and a target price of Rp7,000 per share. “ASII remains our top pick, supported by its dominant position in both the four-wheel and two-wheel sectors, a comprehensive product lineup, and a robust financing division,” Rudy elaborated. MNC Sekuritas also recommends AUTO with a target price of Rp3,200 per share, citing its solid revenue, resilient cash flow, and high dividend yield.
Echoing these sentiments, Christofer Kojongian, an analyst at Sucor Sekuritas, noted in his research that the automotive sector began showing signs of recovery towards the end of 2025, driven by a more accommodative benchmark interest rate policy.
Sucor Sekuritas reiterates a buy recommendation for DRMA, setting a target price of Rp1,500 per share. Sucor Sekuritas values DRMA’s agility in adapting to the evolving automotive industry, particularly its expanding presence in electric vehicle (EV) related components. “Furthermore, a solid balance sheet with a net cash position provides room for future acquisitions to accelerate further growth,” Christofer wrote in his research.
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Referencing Bloomberg data, the latest analyst consensus reveals strong confidence in ASII, with 25 securities issuing a buy recommendation and nine advising hold. The 12-month consensus target price for ASII stands at Rp6,906 per share.
For DRMA, the analyst consensus indicates 10 securities recommending a buy and one suggesting a hold. The 12-month consensus target price for DRMA is Rp1,313 per share.
Additionally, the latest analyst consensus for AUTO shows 11 securities with a buy recommendation. The 12-month consensus target price for AUTO is Rp3,123 per share.
Disclaimer: This news article is not an invitation to buy or sell shares. Investment decisions are solely at the discretion of the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
Shares of prominent automotive issuers, including ASII, AUTO, DRMA, and IMAS, displayed robust performance throughout 2025 with significant year-to-date gains. This strong stock performance occurred despite a notable 10% contraction in Indonesia’s wholesale and retail car sales volume for the same period. Analysts suggest these gains are driven by non-fundamental sentiments and future growth expectations, buoyed by events like GIIAS 2025 and anticipated government incentives.
Analysts project a potential recovery for the automotive sector in 2026, contingent on catalysts such as interest rate cuts, easier credit access, and improved consumer purchasing power. MNC Sekuritas holds an “overweight” position, favoring ASII with a “buy” recommendation and a target price of Rp7,000, and AUTO with a target price of Rp3,200. Sucor Sekuritas recommends DRMA with a “buy” rating and a target price of Rp1,500, citing its adaptability to EV components. Analyst consensus reflects strong confidence with “buy” recommendations for ASII, DRMA, and AUTO.
