Jakarta. Astra International’s share price is getting a fresh boost as the conglomerate’s automotive sales showed early signs of recovery in November 2025, easing concerns after months of industry-wide weakness. The stock remains one of the market’s more resilient picks thanks to Astra’s diversified business portfolio and year-end momentum in car sales.

“Astra deserves consideration as a defensive stock with medium-term recovery potential,” Infovesta Utama Investment Analyst Ekky Topan said on Thursday.

Topan noted that Astra’s automotive arm is still navigating stiff competition, particularly from new electric vehicle entrants. “Looking at November data, Astra booked a three percent month-on-month rise to 36,041 units. But on a yearly basis, sales were still down nine percent,” he said.

He added that the numbers reflect a market that has not fully recovered, while the rise of EV brands such as BYD and Chery continues to reshape consumer preferences. “The challenge ahead is how Astra maintains market share while adapting to the shift toward environmentally friendly vehicles,” he said.

Topan expects December to deliver a short-term catalyst, citing historical patterns of heavy promotions by dealers as they chase year-end targets. “This could lift Astra’s mass-market models,” he said.

Outside the automotive segment, Astra is also supported by its broader businesses spanning financial services, heavy equipment, mining, and infrastructure. “These non-automotive contributions make Astra relatively defensive compared with other auto issuers when vehicle demand comes under pressure,” he said.

Technical Outlook: Room for Gains
Topan said Astra’s stock is currently consolidating after a bullish stretch. The 6,150–6,300 zone serves as a key support area. A confirmed rebound above Rp6,700 could send the stock toward Rp6,900–7,200 in the medium term.

“Assuming the sales recovery continues, and non-automotive sectors stay solid, the stock could reach Rp7,200,” he said.

Astra shares closed down 2.64 percent at Rp6,450 on Thursday. At that level, the stock still offers an upside potential of 10.42 percent.

Signs of Recovery in Indonesia’s Auto Market
Stockbit Sekuritas said in a research note that signs of recovery in the national auto market extended into November 2025. Gaikindo data showed wholesale car sales reaching 74,300 units in November, flat year-on-year and month-on-month,  bringing 11-month sales to 710,000 units, or 91 percent of the revised 2025 target of 780,000 units.

The November performance was supported by BYD+Denza, which maintained strong sales at 9,700 units, up 241 percent year-on-year. Other brands posting gains included Suzuki (+9 percent YoY, +10 percent MoM), Isuzu (+25 percent YoY, +6 percent MoM), and several newer brands such as Jaecoo.

Stockbit said that excluding BYD+Denza, November’s national sales were the highest since March and annual declines had improved significantly compared with the 20–25 percent drops seen between May and August.

For Astra specifically, Stockbit recorded a three percent month-on-month rise to 36,040 units in November, supported by Toyota + Lexus (+5 percent MoM) and Isuzu (+6 percent MoM). However, Astra’s cumulative 11M25 sales still fell 16 percent year-on-year to 368,430 units, with declines across all its automotive brands.

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