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PT Ashmore Asset Management Indonesia Tbk Result for Full Year ended 30 June 2025 September 8, 2025
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I. Macroeconomics and Capital Markets
Resiliencies in the face of ongoing uncertainty
The global economy is expected to grow slowly Economic growth in advance countries is The economies of developing countries are
under pressure growing at slower pace albeit still faster than
advance countries.
4.7
1.8 1.8 4.4
3.5 1.7 1.7 4.4 4.2
3.3 3.4 3.3 1.6 4.1 4.0
3.1 1.5 3.8 3.8
2.9 2.8 3.0 3.9 1.4
2.8
2.4 1.2
2.3
2023 2023 2025E 2026E 2023 2023 2025E 2026E 2023 2023 2025E 2026E
IMF OECD World Bank IMF World Bank IMF World Bank
Source:
IMF, OECD & Word Bank, processed
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I. Macroeconomics and Capital Markets
Comparative Inflation Comparative Interest Rate World Currency Fluctuations(1)
8.0 7.0
7.0 180.0 16.500
6.0
6.0 160.0 16.000
5.0 5.0 140.0
15.500
4.0 4.0 120.0
15.000
3.0 100.0
3.0 14.500
2.0 80.0
14.000
1.0 2.0 60.0
0.0 40.0 13.500
1.0
2020 2021 2022 2023 2024 1H25
-1.0 20.0 13.000
0.0
-2.0 0.0 12.500
2020 2021 2022 2023 2024 1H25 2020 2021 2022 2023 2024 1H25
US China Japan Indonesia -1.0
JPY IDR-RHS
US China Japan Indonesia
Source:
Bank Indonesia (Bloomberg), processed
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I. Macroeconomics and Capital Markets
World currency fluctuations (2) Development of world commodity prices (2) Development of world commodity prices (1)
2,500 500 25
1.0 7.4
450
7.2 2,000 400 25
7.0 350
0.9
6.8 1,500 300 15
6.6 250
6.4 1,000 200 10
0.8
150
6.2
5,00 100 5
6.0
50
0.7 5.8
2020 2021 2022 2023 2024 1H25 0 0 0
Jan20
Mar20
May20
Jul20
Sep20
Nov20
Jan21
Mar21
May21
Jul21
Sep21
Sep20
Nov21
Jan22
Mar22
Jul23
Sep23
Jan20
Mar20
Jul20
Jul22
Sep22
May20
May22
May23
Nov20
Jan21
Mar21
May21
Jul21
Sep21
Nov21
Jan22
Mar22
May22
Jul22
Sep22
Nov22
Jan23
Mar23
Sep23
Nov22
Mar23
Nov23
May23
Jul23
Nov23
Jan24
Mar24
May24
Jul24
Sep24
Nov24
Jan23
Jan24
Mar24
May24
Jul24
Sep24
Jan25
Mar25
May25
Nov24
Jan25
Mar25
May25
EUR CNY-RHS
Palm Oil (�/mt) Soybean Oil (�/mt) Crude Oil (�/bbl) - RHS Coal, Australian (�/mt)
Rapeseed Oil (�/mt) Sunflower Oil (�/mt)
Liquified natural gas, Japan (�/mmbtu)
Source:
World Bank, processed
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I. Macroeconomics and Capital Markets
Development in the Global Capital Market Source: OJK, processed
ASEAN stock index China & South Korea US & Japan
8,000 4,000 50,000
45,000
7,000 3,500
40,000
6,000 3,000
35,000
5,000 2,500 30,000
4,000 2,000 25,000
1,500 20,000
3,000
15,000
2,000 1,000
10,000
1,000 5,000 5,000
- - -
2020 2021 2022 2023 2024 1H25 2020 2021 2022 2023 2024 1H25 2020 2021 2022 2023 2024 1H25
IHSG STI Japan SETI PSEI SHCOMP KOSPI Nikkei (Japan) Dow Jones (US)
Development in the Indonesia Capital Market
Market Capitalization Foreign Net Buy or (Sell) (RpTrillion) Bond Trading Volume
(RpTrillion) and Investor Contribution (%) (RpTrillion)
80.00 80.00%
12,335.8 12,07.7 60.6 70.00%
11,674.1 60.00
16,000.0 700.0
38.0 60.00% 13,794.7
9,499.1 40.00 14,000.0 600.0
12,203.3 11,933.1
8,255.6 50.00% 12,000.0 11,465.6
16.5 10,634.6 500.0
20.00
6,970.0 10,000.0
2023 40.00%
2020 400.0
5,390.4 5,721.5 5,415.2 1H25
5,064.2 - 8,000.0
4,515.3 2021 2024 30.00% 300.0
4,261.0 -6.20
2022 6,000.0 5,122.1
-20.00 200.0
20.00% 4,000.0
-40.00 2,000.0 100.0
-38.6 10.00%
-47.9 0.0 0.0
-60.00 0.00%
2020 2021 2022 2023 2024 1H25 2020 2021 2022 2023 2024 1H25
IDX LQ45 Foreign Net Buy (LHS) Domestic (%) Foreign (%) Government Bonds Corporate Bonds
Source:
OJK, processed
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I. Macroeconomics and Capital Markets
Number of Mutual Funds and AuM and NAV Subscription and Redemption
Outstanding Participation Unit (RpTrillion) (RpTrillion)
(Billion Units)
990.2
911.9
2,219 2,198 835.2
2,120 822.7 830.6
807.7 812.3
797.3 794.2 805.3
1,809
697.5 688.5
1,505 1,508 638.5 602.1 628.5 635.5
573.5 578.4
504.9 501.5 513.6
499.3
435 421 199.3 211.4
376 379 389 395
2020 2021 2022 2023 2024 1H25 2020 2021 2022 2023 2024 1H25 2020 2021 2022 2023 2024 1H25
Total Mutual Funds Outstanding Participation Units (Billion) AuM NAV Subscription Redemption
Source:
OJK, processed
Page 7
II. Our Competitive Advantage
Brief Profile of Ashmore Competitive Advantages
Share Ownership
Ashmore Group as Ultimate Shareholder
Active Management for Product Innovation and
Ashmore Group is a specialist emerging markets investment Long-Term Investment Diversification
Performance
manager with more than 30 years’ track record of investing clients’
capital in these markets. This success is inextricably linked with a
deep understanding of Environmental, Social and Governance (ESG)
factors, exercised via stewardship and engagement across a broad
and diversified range of issuers. Ashmore Group aligns with several
codes, initiatives and disclosure:
Focus on the Interests of Consistency in Creating
Clients, Employees and Shareholder Value
Climate Action 100+ Shareholders
Ashmore Investment Mining 2030
Management Limited 60.0%
Task Force on Climate-Related
PT Adikarsa Sarana 13.1%
Financial Disclosures (TCFD)
Ir. Ronaldus Gandahusada 6.3%
The Glasgow Financial Alliance
Efficient and Flexible Resilience Through
FX Eddy Hartanto 5.6% for Net Zero (GFANZ)
Cost Management Market Cycles
Arief Cahyadi Wana 5.4% UK Stewardship Code
Steven Satya Yudha 0.0% UN Principles for Responsible
Public 9.0% Investment (UN PRI)
These are not all signatories but codes, bodies and affiliations.
Treasury Shares 0.6%
Commitment to
Sustainability
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III. Strategies to Respond To Dynamics During 2024/2025
Business Strategies Implemented During 2024/2025 Product and Distribution Development
• Positioning our role as an investment manager primarily dedicated to
Product Development
equity and fixed-income sectors supported by a strong and knowledgeable
on the ground investment team.
• Discretionary Fund (KPD) with a primary market share of
• Maximizing growth prospects in Indonesia by: insurance customers who invest entirely in government
a. Leveraging Indonesia's growing GDP to create more investment from bonds and cash instruments.
population income growth and through fund investments from • Protected mutual funds for institutional customers, such as
institutions and insurance companies into investment tools like mutual Treasury of Commercial Banks or insurance companies, who
funds and KPDs. invest in Indonesian fixed-income instruments to match their
b. Diversifying Ashmore's product range to lessen the effects of market future assets and liabilities.
fluctuations. • Offshore Sharia KPD: primary market share of retail
c. Optimising investment access available to the public through the customers with high net worth status, via selling agent
development of the digital system. interested in equity products investing in global emerging
markets.
• Long-term increases in Assets under Management and profits, alongside
generating additional value for shareholders, :
a. Partnering with sales agents and institutions to enhance financial literacy.
b. Diversify Ashmore's products to reduce its exposure to market cycles. Distribution Development
c. Investing in IT infrastructure to optimise operational systems at the front
end, aiding asset management and enabling immediate customer access • The development of a digital system that aligns with all
to services and information. stakeholders and ensures business sustainability.
d. Employing an investment strategy that merges thorough, in-house
• Exploring collaborations to create synergy with selling
analysis with active portfolio management.
agents and offshore distribution.
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IV. Performance Achievements in 2024/2025
Operational Performance
Assets Under Management (AuM) by Type AuM by Product Mandate AuM by Investor Type
RpTrillion RpTrillion RpTrillion
100% 35.00 100% 35.00 100% 32.6 35.00
32.6 30.6 32.6 30.6
90% 90% 30.6 90%
30.00 30.00 30.00
80% 80% 80%
70% 25.00 70% 24.0 25.00 70% 24.0 25.00
24.0
60% 60% 60%
20.00 20.00 20.00
50% 50% 50%
15.00 15.00 15.00
40% 40% 40%
30% 10.00 30% 10.00 30% 10.00
20% 20% 20%
5.00 5.00 5.00
10% 10% 10%
0% - 0% - 0% -
2022/2023 2023/2024 2024/2025 2022/2023 2023/2024 2024/2025 2022/2023 2023/2024 2024/2025
Equity Holdings Fixed Income Securities Mutual Fund Discretionary Mandate Institution Intermediaries
Others Total (RHS) Total (RHS) Individual Total (RHS)
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IV. Performance Achievements in 2024/2025
Total Mutual Fund Products,
Total Selling Agent Partners, and Average
ESG Mandate AuM Products per Selling Agent Market Share - AuM
Rp Trillion & % Unit Rp Trillion & %
900
12.00 30
800 4.1%
6 6 3.9%
34.5% 25
10.00 33.0%
32.9% 700
24
23 600 3.0%
8.00 20
22 22
21 500
19
6.00 15
400
10 300
4.00 5
200
2.00 5
100
2.1% 2.4% 2.7%
0% - 0
2022/2023 2023/2024 2024/2025 2022/2023 2023/2024 2024/2025 2022/2023 2023/2024 2024/2025
ESG Mandate Client Driven AuM ESG Mandate - ESG Benchmark AuM Total Mutual Fund Products Total Selling Agent Partners Industry AuM Ashmore AuM Market Share
ESG Mandate Client Driven to Total AuM (RHS) ESG Mandate - ESG Benchmark AuM to Total AuM (RHS) Average Products per Selling Agent Partner
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IV. Performance Achievements in 2024/2025
Investment Performance
1 Year, 38% Outperformance 3 Years, 38% Outperformance 5 Years, 68% Outperformance
100% 100% 100%
90% 12% 9% 90% 12% 9% 90%
80% 80% 80%
70% 70% 70% 56%
60% 60% 60%
50% 50% 91% 50%
99% 100% 100% 91% 99% 100% 100% 99% 100% 100%
88% 88%
40% 40% 40%
30% 30% 30%
20% 20% 20% 44%
10% 10% 10%
1% 1%
0% 0% 0%
Equity Local Debt External Debt Blended Debt Multi Asset Equity Local Debt External Debt Blended Debt Multi Asset Equity Local Debt External Debt
Underperform Outperform Underperform Outperform Underperform Outperform
FY 2023/2024 : 53% FY 2023/2024 : 23% FY 2023/2024 : 35%
• FY24/25 12-month investment performance reflects the volatile market condition.
• Improvement in the macro outlook and investor sentiment towards the end of the financial year
resulted in 95% of Ashmore’s AuM outperformed during the final quarter ending in June 2025.
• Ashmore continues the implementation of its value-based investment philosophy, that uses
proprietary research to identify investment opportunities in such market conditions and
underpins the delivery of longer-term outperformance.
AuM outperforming versus benchmark on gross annualized basis. Disclaimer: Gross performance is shown, weighted by fund AuM, to provide a representative view to analysts and shareholders of Ashmore’s investment performance over
relevant time periods. Reporting of investment performance to existing and prospective fund investors is specific to the fund and the investor’s circumstances and objectives and may, for example, include net as well as gross performance.
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IV. Performance Achievements in 2024/2025
Financial Performance
Rp Billion
Revenue Annual Revenue dropped by 17.8% to Rp266.7 billion Changes
Description 2024/2025 2023/2024
18%
due to market conditions and a decline in investors’ Nominal %
risk appetite. This change was reflected in assets
under management (AuM), which decreased by
21.7% from the previous year, totaling Rp23.9 Revenue 266.7 324.3 (57.6) (17.8%)
trillion. Net Revenue 174.8 211.6 (36.8) (17.4%)
Operating Cost Operating costs decreased by 6% y/y, reflecting the EBITDA 81.5 110.1 (28.6) (26.0)
6%
decline in AuM partially offset by investment in the
Profit from Operation 76.3 106.8 (30.5) (28.6%)
Company’s IT infrastructure to support ongoing
product development and strategic initiatives. Net Profit 72.4 105.3 (32.9) (31.3%)
Total Comprehensive Income 72.2 105.3 (33.1) (31.4%)
EBITDA EBITDA reduced by 26% y/y to Rp81 billion and the
EBITDA margin remained at a relatively high level Earning per Share 32.7 47.5 (14.9) (31.2%)
26 % of 47% (FY2024: 52%).
Total Equity 281.5 299.3 (17.8) (6.0%)
Asset Under Management 23,975.3 30,601.4 (6,626.1) (21.7%)
Net Profit Net profit decreased by 31% y/y to Rp72 billion,
reflecting the operating performance together with
31% a lower level of disposal gains as the company
completed the sale of its equity stake in Buka
Investasi Digital.
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IV. Performance Achievements in 2024/2025
Financial metrics fell in accordance with the drop in
Ashmore's operating revenue during the fiscal year Description 2024/2025 2023/2024
2023/2024 2022/2023* Description
2024/2025.
The Company has a strong, liquid balance sheet, including Return on Assets 18.5% 27.9%
cash of Rp180 billion as at 30 June 2025 and seed capital
Return on Equity 25.7% 35.2%
investments with a market value of Rp116 billion. These
investments support product development and underpin EBITDA Margin 45.8% 52.4%
future AuM growth, in line with the Company’s strategy.
Net Profit Margin 41.7% 49.8%
Ashmore delivered earnings per share of Rp32.7 (FY2024:
Rp47.5) and plans to distribute 99% of its net profit this
year, consistent with its policy of paying a minimum of 50%
of the Company's net profit every year. Therefore, the
Board has proposed a final dividend per share of Rp18.5,
giving total dividends of Rp32.5 per share.
Awards February 2025
Top money flow category with a five-year
money market portfolio. Assets under
management between IDR 100 billion and
IDR 500 billion
Edvisor.id
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V. Future Business Prospect
Catalysts for Ashmore's growth opportunities in the year ahead
The increase in Indonesia's GDP will
aid in the expansion of the company's
operations,
Ongoing engagement in both retail and institutional
distribution channels by boosting customer
numbers and the volume of managed capital,
Maintaining performance amid various market
fluctuation while developing high-quality fund
management products to underpin future growth,
Enhancing the skills of employees.
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VI. Closing
Disclaimer
This document does not constitute an offer to sell or an invitation The value of investment and its return may fluctuate, either
to buy shares in Ashmore Group plc or Ashmore Indonesia, nor is increasing or decreasing, with no guarantee. Past
it an invitation or inducement to engage in investment activities. performance should not be considered indicative of future
Certain statements, beliefs and opinions in this document are results. Fluctuations of exchange rates may impact the value
forward-looking, reflecting the company's current expectations of foreign investments or investment denominated in foreign
and projections regarding future events. Due to their nature, currencies. The Company has no obligation to update or revise
forward-looking statements are subject to a number of risks, any forward-looking statements, whether as a result of new
uncertainties and assumptions that could cause actual results information, future events or otherwise. You should not rely on
or events to differ significantly from those expressed or implied forward-looking statements, which only reflect the situation
in the statements. Any forward-looking statements in this at the time this document was written.
document regarding past trends or activities should not be taken
to mean that such trends or activities will continue in the future.
Names mentioned 10 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Bank Source
p.2
unresolved
org
Bank Indonesia
p.3
unresolved
—
Market Cycles
p.7
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