1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited,Singapore Branch View HSBC Global Investment Research

2、at:https:/ The 20theditionof the EM Sentiment SurveyClick to viewHesitant bulls of summer OEMs from mainland China appear to be gaining plenty of attention at the ongoing GAIKINDO auto show June YTD auto sales data is uninspiring at-10%y/y for 4W and-2%y/y for 2W;implies downside risk to our forecas

3、ts Increasing competition,declining auto sales,and loss in market share are not positive for Astra(Buy,TP IDR6,100)We attended day two(Friday,25 July)of the ongoing GAIKINDO auto show(24 July to 03 Aug 2025)in Jakarta.All the major auto brands are present and we witnessed a strong visitor footfall o

4、n Friday.OEMs from mainland China with their battery electric vehicles(BEVs)appear to be gaining significant attention with more visitors at their stands than the Japanese and Korean players.We discuss some of our key observations at the show.Four-wheeler(4W)mainland China OEMs take centre stage:As

5、expected,OEMs from China have a strong presence but the difference between the size of the crowds at their stands vs Japanese/Korean OEMs is glaring.From mainland China,established brands(BYD,Denza,Wuling,Geely,DFSK)as well new brands(Lepas,a new brand under Chery)are exhibiting their BEVs.BYD launc

6、hed its BEV hatchback ATTO 1 at the show,priced competitively at IDR195-235m.Among other key brands,Mitsubishi launched its 7-seater SUV Destinator(international combustion engine,ICE)at a price of IDR385-465m.From Astra Internationals(ASII IJ,Buy,TP IDR6,100)perspective,Daihatsu exhibited a hybrid