PT Federal International Finance “FIFA”
FIFA maintains a stable outlook, supported by its strong ONE HEART ecosystem under Astra International and the dominant market position of Honda in Indonesia’s two-wheeler industry. The company continues to benefit from solid brand backing and resilient financial performance despite slowing motorcycle demand amid weakening purchasing power, softer seasonal momentum, and ongoing macro pressures. Its financing portfolio remains anchored by FIFASTRA (around 60% of total financing), supported by strong demand for key Honda models, providing a stable captive market. Financially, FIFA recorded solid growth with total assets rising 13.6% YoY to IDR 51.9 trillion and net receivables increasing 17.7% YoY, while net interest income grew 10.0% YoY and net income rose 4.9% YoY, reflecting some margin pressure as seen in a higher cost-to-income ratio of 31.1%. In 2026, net loans are projected to increase to IDR 52,479.7 billion (vs. IDR 46,958.9 billion in 2025), reflecting growth of around 11.8% YoY, driven by continued financing expansion despite softer industry demand amid soft consumer demand, inflationary pressures, and external uncertainties, supported by FIFA’s strong linkage to the Honda ecosystem and stable asset quality, with NPF expected to remain manageable at 2.17%.