Astra International Completes Rp 2 Trillion Buyback Ahead of Schedule

JAKARTA, Investortrust.id — Astra International or ASII completes a share buyback worth Rp 2 trillion, equal to about $123 million, on Wednesday, Jan 14, 2026 in Jakarta to stabilize its stock price and optimize capital allocation, a move that absorbs 305.21 million shares and tightens free float. The buyback ended earlier than planned after funds reached the maximum allocation, providing near term valuation support for the stock.

The company said the buyback, originally scheduled to run from Nov 3, 2025 to Jan 30, 2026, finished ahead of time after exhausting the full budget approved by shareholders. The disclosure was submitted to Indonesia Stock Exchange on Wednesday.

ASII reiterated that the repurchased shares did not exceed 20 percent of paid up capital and that free float remained above the minimum 7.5 percent required for public trading. The program was halted on Jan 13, 2026 during the second trading session as the remaining funds were insufficient to purchase a minimum trading lot.

Separately, analysts at BRI Danareksa Sekuritas said Astra’s hybrid vehicle strategy strengthened the investment case following intense competition from battery electric vehicles. They noted that the launch of the Toyota Veloz Hybrid targeted non tier one cities and regions outside Java where electric vehicle adoption remained low due to limited charging infrastructure and steeper resale value depreciation.

The brokerage expected hybrid deliveries to begin in March 2026 and forecast the model to help sustain Astra’s market share at around 53 percent next year. The Rp 299 million to Rp 390 million price range was also seen as supportive of margins without triggering discount wars in the Rp 300 million to Rp 400 million segment.

.

Based on these factors, the brokerage maintained a buy recommendation on ASII with a target price of Rp 7,450, derived from a sum of the parts valuation. The target implied 9.2 times forward price to earnings, or one standard deviation above the five year average, supported by seasonal auto sales strength and the hybrid rollout as near term catalysts.