JAKARTA (Yosefardi) – Shares of Astra International (ASII) jumped 4.8% to Rp6,500 this morning, rebounded 23% from its bottom. The stock had fallen 17% from its peak year to date.
Rupiah’s fall of 15% year-to-date yet to affect the automotive segment because materials for this year’s production and sales were procured last year or before.
Full impact on cars and motorcycles, which contributed to 44% of Astra’s consolidated net profit in the first half, will only be seen next year if the current exchange rate stays there for long.
Weaker rupiah might also boost fuel cost of its mining division, which generated almost 14% of net profit in the first half. For sure, weaker rupiah would also cap recovery of heavy equipment sales.