Flooring Guide by Cinvex – , JAKARTA – Shares of PT Autopedia Sukses Lestari Tbk. (ASLC), a Triputra Group issuer specializing in used car sales, are projected for a significant 61% growth. This optimistic forecast is fueled by high expectations for performance improvements within its Caroline.id used car segment, even amidst a general slowdown in purchasing power.
The conglomerate, owned by prominent businessman TP Rachmat, reported a robust 17.1% year-on-year (YoY) revenue growth in the first half of 2025, reaching Rp447.1 billion. Caroline.id emerged as the primary revenue driver, contributing Rp313.4 billion, or 70% of the total revenue.
Jason Sebastian, an analyst at Samuel Sekuritas Indonesia, released research today, Thursday (October 9, 2025), projecting an impressive 18.2% Compound Annual Growth Rate (CAGR) for ASLC’s revenue between 2024 and 2027.
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“In 2026, Caroline’s used car sales revenue is estimated to grow by 23.6% YoY to Rp830 billion. This surge will be primarily driven by a 20% increase in sales volume, reaching 5,400 units, alongside a 3% rise in the average selling price (ASP),” Sebastian noted in his research on Thursday (October 9, 2025).
Sebastian highlighted several key factors that are expected to underpin the increase in ASP. These include an expanding market share, the company’s strategic plan to open two new showroom outlets annually, a projected improvement in public purchasing power, and various government spending initiatives.
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These combined factors are anticipated to elevate the gross margin to 5.4% in 2026. This improvement is linked to ASLC’s growing market presence and enhanced bargaining power, which will allow for a wider spread in resale prices.
However, Sebastian’s long-term outlook suggests a potential annual decline of approximately 5% in ASP. This is attributed to the launch of new, more affordably priced vehicles, which could accelerate the depreciation of existing cars in the market.
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Despite the potential market threat posed by the availability of new, budget-friendly cars that could erode average selling prices, Sebastian observes that current data points to sluggish purchasing power actually benefiting the used car market.
He elaborated that the Financial Services Authority (OJK) recorded a 9.8% YoY growth in used car financing as of April 2025, contrasting sharply with a 1.1% YoY decrease in new car financing. Additionally, new car wholesale sales data indicated a 2.9% YoY reduction, directly impacted by the dampened purchasing power.
For comparison, Jason pointed out that in terms of ownership costs over a five-year period, used LCGC/2-row vehicles remain approximately 36% cheaper than affordable new electric vehicles, such as the Atto 1.
Jason further posited that the strong demand for used multi-purpose vehicles (MPVs) is unlikely to be fully displaced by cheaper EVs, primarily because the most affordable 3-row EVs are still priced around Rp300 million.
Autopedia Sukses Lestari Tbk. – TradingView
“Moving forward, used cars are expected to continue outperforming new cars. This trend is supported by lower monthly installments, even with higher interest rates, and the accessibility offered through omnichannel platforms like Caroline’s website,” Sebastian concluded.
Samuel Sekuritas projects ASLC’s revenue for the current year to increase to Rp945.1 billion, up from Rp876.6 billion in 2024. However, the company’s net profit is estimated to decline from Rp45.1 billion to Rp41.3 billion.
This projection aligns with the company’s mid-year report, which highlighted persistent challenges from high expenses. Despite revenue growth in the first half of 2025, net profit attributable to parent entity owners saw a 23.8% YoY decrease, falling to Rp18.56 billion compared to Rp24.36 billion in the same period last year.
Sebastian identified several key risks for the company moving forward. These include weaker-than-anticipated car sales, a slowdown in auction activities, and market share expansion falling below expectations.
Based on their analysis, Samuel Sekuritas maintains a buy recommendation for ASLC, setting a target price of Rp135. This target reflects a substantial potential upside of 61% from its current price of Rp84.
“This positive outlook is underpinned by Caroline’s potential for market share expansion through annual showroom additions, coupled with the robust support from ASLC’s auction ecosystem, which effectively minimizes financial risks from unsold vehicles,” Sebastian affirmed.
On the stock exchange, ASLC is listed on the development board and falls within the consumer cyclicals sector. As of today’s first trading session on Thursday (October 9, 2025), ASLC shares climbed 4.78% to Rp88, marking a 14.29% surge in price since the beginning of the year.
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Summary
Samuel Sekuritas Indonesia projects a significant 61% growth for PT Autopedia Sukses Lestari Tbk. (ASLC), primarily driven by high expectations for its Caroline.id used car segment. In the first half of 2025, ASLC reported a 17.1% year-on-year revenue growth, with Caroline.id contributing 70% of the total revenue. Analyst Jason Sebastian forecasts an 18.2% Compound Annual Growth Rate for ASLC’s revenue between 2024 and 2027, with Caroline’s 2026 sales revenue estimated to rise by 23.6% due to increased volume and average selling price.
Despite potential long-term average selling price declines from new affordable vehicles, current sluggish purchasing power benefits the used car market, reflected in a 9.8% year-on-year growth in used car financing. Samuel Sekuritas projects ASLC’s 2025 revenue to increase to Rp945.1 billion but estimates a net profit decline to Rp41.3 billion, partly due to persistent high expenses. The firm maintains a “buy” recommendation for ASLC with a target price of Rp135, citing Caroline’s market share expansion potential and the robust support of ASLC’s auction ecosystem.