External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Aspirasi Hidup Indonesia / Equity Bottom-Up

<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

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

BRI Danareksa Research

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.

<ul><li>ACES reported a normalized SSSG of 4.6% in Jul24 and 9.8% for 7M24, exceeding mgmt’s FY24 target of at least 7% and our FY24F of 7.6%.</li><li>Our channel check indicated Nitori Japan may emerge as a potential competitor, but we believe it will take time to match ACES’ scale.</li><li>We reaffirm our Buy rating on the back of ACES’ EPS growth (FY24-26F CAGR of 11%), with an unchanged TP of 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.

ACES reported a normalized SSSG of 4.6% in Jul24 and 9.8% for 7M24, exceeding mgmt’s FY24 target of at least 7% and our FY24F of 7.6%.Our channel check indicated Nitori Japan may emerge as a potential competitor, but we believe it will take time to match ACES’ scale.We reaffirm our Buy rating on the back of ACES’ EPS growth (FY24-26F CAGR of 11%), with an unchanged TP of 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 - Growth Momentum Intact Despite a Normalized Jul24 SSSG

<ul><li>ACES will terminate its agreement with ACES US, with an expected additional cost for rebranding in FY25.</li><li>We lowered FY24-25F net profit by 3.2%/3.5% due to higher opex and lower gross margins. </li><li>Despite steady SSSG, we see uncertainty lingering post-license termination. Maintain Buy rating with a lower TP of 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.

ACES will terminate its agreement with ACES US, with an expected additional cost for rebranding in FY25.We lowered FY24-25F net profit by 3.2%/3.5% due to higher opex and lower gross margins. Despite steady SSSG, we see uncertainty lingering post-license termination. Maintain Buy rating with a lower TP of 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 -  Steady SSSG, but Challenges Loom

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>
<a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a> reported an impressive set of 1H2024 results with continuing momentum behind SSSG driven by promotional campaigns but margins remained stable at the same time.</li>
<li>The company continues to open new format stores and renovate existing ones. It has also introduced new private label brands to drive growth and will introduce 15% new SKUs. </li>
<li>The company will be renamed PT Aspirasi Hidup Indonesia to reflect the separation from ACE US but we see the impact as minimal. Valuations remain attractive on 12.6x FY2025E PER.</li>
</ul>



Ace Hardware Indonesia (ACES IJ) reported an impressive set of 1H2024 results with continuing momentum behind SSSG driven by promotional campaigns but margins remained stable at the same time.
The company continues to open new format stores and renovate existing ones. It has also introduced new private label brands to drive growth and will introduce 15% new SKUs. 
The company will be renamed PT Aspirasi Hidup Indonesia to reflect the separation from ACE US but we see the impact as minimal. Valuations remain attractive on 12.6x FY2025E PER.


Ace Hardware (ACES IJ) - New Aspirations in Place

<ul><li>ACES booked a solid SSSG of 10.1% in May24 (May23: 1.1%), consistent with the findings from our weekly retail channel check in May.</li><li>We expect ACES to book further positive SSSG in June as it is continuing its thematic and cashback promotions to boost online sales.</li><li>We believe solid SSSG until May24 shall pave the way for good 2Q24 results. Maintain Buy rating with an unchanged TP of Rp1,200.</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 booked a solid SSSG of 10.1% in May24 (May23: 1.1%), consistent with the findings from our weekly retail channel check in May.We expect ACES to book further positive SSSG in June as it is continuing its thematic and cashback promotions to boost online sales.We believe solid SSSG until May24 shall pave the way for good 2Q24 results. Maintain Buy rating with an unchanged TP of Rp1,200.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.

Ace Hardware Indonesia - Solid SSSG in May24, Expect the Positive Trend to Continue in Jun24

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)

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

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,...

MNC Sekuritas

Aspirasi Hidup Indonesia - Growth Momentum Intact Despite a Normalized Jul24 SSSG

ACES reported a normalized SSSG of 4.6% in Jul24 and 9.8% for 7M24, exceeding mgmt’s FY24 target of at least 7% and our FY24F of 7.6%.

BRI Danareksa Research

Aspirasi Hidup Indonesia - Steady SSSG, but Challenges Loom

ACES will terminate its agreement with ACES US, with an expected additional cost for rebranding in FY25. We lowered FY24-25F net profit by 3.2%...

BRI Danareksa Research

Ace Hardware (ACES IJ) - New Aspirations in Place

Ace Hardware Indonesia (ACES IJ) reported an impressive set of 1H2024 results with continuing momentum behind SSSG driven by promotional campaigns...

Angus Mackintosh

Ace Hardware Indonesia - Solid SSSG in May24, Expect the Positive Trend to Continue in Jun24

ACES booked a solid SSSG of 10.1% in May24 (May23: 1.1%), consistent with the findings from our weekly retail channel check in May.

BRI Danareksa Research

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