Flooring Guide by Cinvex – , JAKARTA — Global investment managers, including industry giants BlackRock and Vanguard, are demonstrating divergent strategies in their accumulation of shares in PT Astra International Tbk. (ASII). This varied approach comes as the conglomerate approaches its interim dividend distribution scheduled for this month.
According to data from Bloomberg Terminal, Vanguard, recognized as the largest foreign investor in ASII, has actively increased its stake in anticipation of the interim dividend payout. Records show that Vanguard augmented its holdings in ASII by 5.68 million (5,682,616) shares during the third quarter of 2025.
Consequently, Vanguard’s ownership of ASII shares now stands at an impressive 990.28 million (990,280,105) units. This marks an increase from its second-quarter 2025 position, which totaled 984.59 million (984,598,489) shares.
Another significant foreign investor, Invesco, also made a substantial move, adding 64.19 million (64,191,767) ASII shares to its portfolio throughout the third quarter of 2025. This expansion boosted Invesco’s total ASII shareholding to 630.8 million (630,804,323) units, up from its previous 566.61 million (566,612,556) shares.
In contrast to Vanguard’s aggressive accumulation, BlackRock adopted a different strategy. It was observed to have reduced its ownership in ASII by 1.72 million (1,721,500) shares during the third quarter of 2025. BlackRock’s current ASII holdings are now 946.64 million (946,643,154) shares, a decrease from its prior 948.36 million (948,364,654) shares.
Astra Group ASII-UNTR to Distribute IDR 6.58 Trillion Interim Dividend: See the Schedule!
Similarly, Dimensional Fund also reduced its ASII shareholdings, divesting 2.82 million (2,827,579) units. Following this move, Dimensional Fund’s ownership in ASII adjusted to 244.61 million (244,610,545) shares, down from 247.43 million (247,438,124) shares previously.
Despite these varied institutional movements, ASII continues to be a prime target for foreign investors throughout 2025. Foreign net buying in ASII shares has notably reached IDR 2.87 trillion year-to-date (YtD), starting from the first trading day of 2025.
This robust foreign investor activity in ASII shares coincides with a significant upward trend in its stock price. As of the first trading session on Wednesday, October 8, 2025, ASII’s stock price had surged by 16.84% YtD, reaching IDR 5,725 per share.
In line with market expectations, ASII is set to distribute its interim dividend this month, totaling IDR 3.96 trillion, or an equivalent of IDR 98 per share. The company has officially scheduled the cum interim dividend date for both the regular and negotiation markets on October 13, 2025, with the ex-interim dividend date following on October 15, 2025.
The forthcoming interim dividend distribution by ASII is directly linked to its first-half 2025 profit performance. During this period, ASII reported a net profit attributable to the parent entity of IDR 15.51 trillion. This figure represents a slight year-on-year (YoY) decrease of 2.15% compared to the IDR 15.85 trillion recorded in the same period last year. Consequently, ASII’s earnings per share (EPS) also saw a 4% YoY decline, settling at IDR 395.
Astra International Tbk. – TradingView
In his research, Ina Sekuritas analyst Arief Machrus indicated that ASII shares still possess a moderate upside potential leading up to its interim dividend distribution. However, this optimism is tempered by several persistent macroeconomic headwinds.
These challenges include a subdued coal demand and a sluggish recovery in the automotive sector, both of which are anticipated to exert pressure on the company until the end of 2025. Reflecting this nuanced outlook, Ina Sekuritas adjusted its rating for ASII from ‘buy’ to ‘add’.
“This adjustment reflects a more measured outlook as ASII transitions from a robust recovery period towards a cyclical slowdown,” Arief stated in his research, as quoted by Bisnis on Wednesday, October 8, 2025.
Conversely, the JP Morgan Research Team presented a positive perspective on Astra, primarily driven by the potential for enhanced shareholder returns following Astra’s announcement of a strategic review for 2026.
“We foresee Astra enhancing its capital allocation practices, which will ultimately translate into a higher dividend payout ratio,” the JP Morgan Research Team noted.
JP Morgan projects that ASII’s dividend payout ratio could increase to 65% for the 2025 financial year, a significant jump from the 48% recorded in the 2024 financial year.
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Summary
Global investment managers BlackRock and Vanguard are employing divergent strategies regarding their holdings in PT Astra International Tbk. (ASII) ahead of its interim dividend distribution. Vanguard, the largest foreign investor in ASII, actively increased its stake by 5.68 million shares in Q3 2025, anticipating the payout. Conversely, BlackRock reduced its ASII ownership by 1.72 million shares during the same period, a strategy also adopted by Dimensional Fund.
Despite these varied institutional movements, ASII has seen significant foreign net buying, totaling IDR 2.87 trillion year-to-date, alongside a 16.84% surge in its stock price. ASII is set to distribute an interim dividend of IDR 3.96 trillion (IDR 98 per share) this month, despite a slight year-on-year decrease in its first-half 2025 net profit. Analyst outlooks are mixed, with some noting moderate upside tempered by macroeconomic headwinds, while others anticipate enhanced shareholder returns and a higher dividend payout ratio.