External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Aspirasi Hidup Indonesia / Equity Bottom-Up

<ul><li>Following ACES’ strong 9M24 results, we expect the potential tax benefit from a lower rate to offset the Rp30bn investment loss in ODI.</li><li>ACES aims to double its number of stores within 5-7 years, with plans to expand into an additional 100 cities.</li><li>We maintain our Buy rating on ACES with an unchanged TP of Rp1,100 (implying 20x FY25 PE) with FY24-26F EPS CAGR of 16%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following ACES’ strong 9M24 results, we expect the potential tax benefit from a lower rate to offset the Rp30bn investment loss in ODI.ACES aims to double its number of stores within 5-7 years, with plans to expand into an additional 100 cities.We maintain our Buy rating on ACES with an unchanged TP of Rp1,100 (implying 20x FY25 PE) with FY24-26F EPS CAGR of 16%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aspirasi Hidup Indonesia - Expansion Plans to Drive Store to Double in 5-7 Years

<ul><li>Aspirasi Hidup Indonesia (ACES IJ)Solid Sept24 SSSG; Expect strong 9M24 core profit of 13% yoy, in line with our FY24FWe expect ACES’ solid SSSG in Sep24 to support core profit growth of 9.5% yoy in 3Q24 and 13% yoy in 9M24.</li><li>ACES plans to accelerate expansion starting in FY25, with ongoing rebranding efforts and a goal to double its store count within 5-7 years.</li><li>We see greater flexibility for store formats and diversification post partnership termination with ACE US. Maintain Buy with a TP Rp1,100.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aspirasi Hidup Indonesia (ACES IJ)Solid Sept24 SSSG; Expect strong 9M24 core profit of 13% yoy, in line with our FY24FWe expect ACES’ solid SSSG in Sep24 to support core profit growth of 9.5% yoy in 3Q24 and 13% yoy in 9M24.ACES plans to accelerate expansion starting in FY25, with ongoing rebranding efforts and a goal to double its store count within 5-7 years.We see greater flexibility for store formats and diversification post partnership termination with ACE US. Maintain Buy with a TP Rp1,100.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aspirasi Hidup Indonesia -  Solid Sept24 SSSG

<ul><li>ACES reported strong SSSG of 11% yoy in Aug24 and 9.9% for 8M24, exceeding mgmt’s/our FY24 target of at least 7%/7.6%.</li><li>Aug24-YTD average monthly sales grew 14% yoy, exceeding prepandemic levels of Rp671bn/month.</li><li>We estimate 3Q24E/9M24E net profit growth of 13%/18% yoy to form 66/68% of FY24F/Cons. Maintain Buy rating with unchanged TP.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACES reported strong SSSG of 11% yoy in Aug24 and 9.9% for 8M24, exceeding mgmt’s/our FY24 target of at least 7%/7.6%.Aug24-YTD average monthly sales grew 14% yoy, exceeding prepandemic levels of Rp671bn/month.We estimate 3Q24E/9M24E net profit growth of 13%/18% yoy to form 66/68% of FY24F/Cons. Maintain Buy rating with unchanged TP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aspirasi Hidup Indonesia - Strong Aug24 SSSG

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Ace Hardware Indonesia has been rebranded to <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia</a> after the franchise agreement with ACE US was not renewed. Given ACES's long-standing independence, we see this as an opportunity. </li>
<li>The new names for the company will not be the brand names for the stores and Ace Hardware products are a tiny portion of the Indonesian company's SKUs anyway.</li>
<li>Concerns over the separation look overblown with ACES seeing a strong YTD performance above guidance with valuations looking attractive after recent share price weakness, with new store rollout ongoing.</li>
</ul>


Ace Hardware Indonesia has been rebranded to Aspirasi Hidup Indonesia after the franchise agreement with ACE US was not renewed. Given ACES's long-standing independence, we see this as an opportunity. 
The new names for the company will not be the brand names for the stores and Ace Hardware products are a tiny portion of the Indonesian company's SKUs anyway.
Concerns over the separation look overblown with ACES seeing a strong YTD performance above guidance with valuations looking attractive after recent share price weakness, with new store rollout ongoing.


Aspirasi Hidup Indonesia (ACES IJ) - The Ace Hardware Separation Is a Rebranding Opportunity

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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<ul><li>ACES released its 2Q24 results, with revenue reaching IDR2.2 tn, growing by +11.5% QoQ/+12.8% YoY.</li><li>This translates into 1H24 revenue of IDR4.1 tn, climbing by +13.7% YoY (vs IDR3.6 tn in 1H23).</li><li>This figure meets cons. estimates, with a run-rate of 49.5%, and surpasses our target in FY24E of 55.1%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACES released its 2Q24 results, with revenue reaching IDR2.2 tn, growing by +11.5% QoQ/+12.8% YoY.This translates into 1H24 revenue of IDR4.1 tn, climbing by +13.7% YoY (vs IDR3.6 tn in 1H23).This figure meets cons. estimates, with a run-rate of 49.5%, and surpasses our target in FY24E of 55.1%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACES IJ - 7M24 SSSG Remained Solid; Signs of Spending Power Recovery

Indonesia

PT Aspirasi Hidup Indonesia Tbk retails tools, home improvement products, lawn and garden supplies, plumbing, furniture, sporting goods, and pet supplies.

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Aspirasi Hidup Indonesia (ACES IJ)

Aspirasi Hidup Indonesia - Expansion Plans to Drive Store to Double in 5-7 Years

Following ACES’ strong 9M24 results, we expect the potential tax benefit from a lower rate to offset the Rp30bn investment loss in ODI.

BRI Danareksa Research

Aspirasi Hidup Indonesia - Solid Sept24 SSSG

Expect strong 9M24 core profit of 13% yoy, in line with our FY24FWe expect ACES’ solid SSSG in Sep24 to support core profit growth of 9.5% yoy in...

BRI Danareksa Research

Aspirasi Hidup Indonesia - Strong Aug24 SSSG

ACES reported strong SSSG of 11% yoy in Aug24 and 9.9% for 8M24, exceeding mgmt’s/our FY24 target of at least 7%/7.6%. Aug24-YTD average monthly...

BRI Danareksa Research