Fueled by Innovative New Models – ASII, poised for a strong comeback in the Indonesian automotive sector, anticipates increasing its market share to 56% in FY23F, stabilizing around 54-55% by FY25F amid heightened competition. Despite fewer new model introductions, ASII’ resilient market share is supported by a well established ecosystem, a formidable dealership network, and secured financing access. With an appealing valuation and strategic focus on hybrids, ASII presents an enticing investment opportunity. Investors are urged to adopt a BUY stance, with a 12-month TP of IDR7,800, based on a 9.9x P/E or slightly below its 5-year mean multiple, as well as anticipating significant returns. Toyota’s new models drive ASII’ growth, and competition from automakers like Hyundai is considered manageable, affirming ASII’ solid performance in 9M23 and promising prospects.