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

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

Aspirasi Hidup Indonesia / Equity Bottom-Up

<ul><li>ACES recorded 5M23 SSSG of 3.5% translating into sales of close to IDR3.0tn</li><li>Sales should get a timely lift in June and July thanks to the ongoing Boom Sale campaign</li><li>Meanwhile, we assume a 46.8% gross margin as the company needs to reduce its inventory days to 250 days from Mar-23’s figure of 279 days</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 recorded 5M23 SSSG of 3.5% translating into sales of close to IDR3.0tnSales should get a timely lift in June and July thanks to the ongoing Boom Sale campaignMeanwhile, we assume a 46.8% gross margin as the company needs to reduce its inventory days to 250 days from Mar-23’s figure of 279 daysContent 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 (ACES IJ) - Boom Sale to Lift June-July Sales

Thematic (Sector/Industry)

<ul><li>We still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intact</li><li>Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus</li><li>Overall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 months</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.

We still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intactFiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplusOverall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 monthsContent 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.

Macro and Flows Tracker - Impetus for the Market

<ul><li>This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claims</li><li>The FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024</li><li>More countries have a weakening PMI trend, with half of them in the contraction zone</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.

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claimsThe FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024More countries have a weakening PMI trend, with half of them in the contraction zoneContent 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.

Macro and Flows Tracker - The Tipping Point

<ul><li>Post April’s strong sales of IDR692bn (+21.6% mom, +20.8% yoy) driven by the Lebaran season, we expect a 12.9% drop in sales on a mom basis to IDR603bn in May-23</li><li>This is based on the average 3-normal years post Lebaran (2017-2019) sales declines</li><li>Meanwhile, the impact from its new store concept will be seen in 4Q23F at the soonest in our view as ACES just rolled out a few stores with this concept</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.

Post April’s strong sales of IDR692bn (+21.6% mom, +20.8% yoy) driven by the Lebaran season, we expect a 12.9% drop in sales on a mom basis to IDR603bn in May-23This is based on the average 3-normal years post Lebaran (2017-2019) sales declinesMeanwhile, the impact from its new store concept will be seen in 4Q23F at the soonest in our view as ACES just rolled out a few stores with this conceptContent 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 (ACES IJ) - Expecting a Seasonal Decline in May

<ul><li>The US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interest</li><li>The market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatility</li><li>Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital credit</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.

The US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interestThe market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatilityDomestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital creditContent 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.

Macro and Flows Tracker - Liquidity Headwind

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)

Ace Hardware Indonesia (ACES IJ) - Boom Sale to Lift June-July Sales

ACES recorded 5M23 SSSG of 3.5% translating into sales of close to IDR3.0tn. Sales should get a timely lift in June and July thanks to the ongoing...

BRI Danareksa Research

Macro and Flows Tracker - Impetus for the Market

Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus

BRI Danareksa Research

Macro and Flows Tracker - The Tipping Point

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge...

BRI Danareksa Research

Ace Hardware Indonesia (ACES IJ) - Expecting a Seasonal Decline in May

Post April’s strong sales of IDR692bn (+21.6% mom, +20.8% yoy) driven by the Lebaran season, we expect a 12.9% drop in sales on a mom basis to...

BRI Danareksa Research

Macro and Flows Tracker - Liquidity Headwind

Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due...

BRI Danareksa Research

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