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>Although we expect revenue to improve in 4Q25, the management expects FY25F revenue growth and SSSG to remain modest.</li><li>We lowered our FY25F est. following 9M25 results but expect FY26 earnings recovery of +15.5% supported by cost optimization and a low-base effect.</li><li>We upgrade our rating to Buy with a higher TP of Rp550, as the stock trades at a 3-year low 8.8x PE FY26F.</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.

Although we expect revenue to improve in 4Q25, the management expects FY25F revenue growth and SSSG to remain modest.We lowered our FY25F est. following 9M25 results but expect FY26 earnings recovery of +15.5% supported by cost optimization and a low-base effect.We upgrade our rating to Buy with a higher TP of Rp550, as the stock trades at a 3-year low 8.8x PE FY26F.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 Rp422) Setting a Low Base for FY26F Upside...

Thematic (Sector/Industry)

<ul><li>We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.</li><li>We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.</li><li>Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradual</li></ul>Content is an 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 expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradualContent is an 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.

Retail: FY26 Outlook: Fiscal Boost and Store Expansion Drive Steady Growth in FY26F (OVERWEIGHT)

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<ul><li>ACES booked revenue of IDR2.1 tn in 2Q25, flat -0.1% QoQ but down -2.1% YoY, bringing cumulative revenue to IDR4.3 tn in 1H25 (+3.2% YoY), slightly below expectations at 47.4%/46.8% of our/consensus FY25E estimates.</li><li>Gross profit came in at IDR995.8 bn in 2Q25 (-2.8% QoQ/-4.3% YoY), leading to a flattish 1H25 gross profit of IDR2.0 tn (+0.6% YoY) with a narrower GPM of 47.3% in 1H25 (vs 48.5% in 1H24).</li><li>Operating profit stood at IDR193.7 bn in 2Q25 (+1.0% QoQ/-7.0% YoY), bringing 1H25 operating profit to IDR385.4 bn (-18.7% YoY) due to a +9.7% YoY increase in OPEX to IDR1.8 tn in 1H25 (vs IDR1.6 tn in 1H24). </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 revenue of IDR2.1 tn in 2Q25, flat -0.1% QoQ but down -2.1% YoY, bringing cumulative revenue to IDR4.3 tn in 1H25 (+3.2% YoY), slightly below expectations at 47.4%/46.8% of our/consensus FY25E estimates.Gross profit came in at IDR995.8 bn in 2Q25 (-2.8% QoQ/-4.3% YoY), leading to a flattish 1H25 gross profit of IDR2.0 tn (+0.6% YoY) with a narrower GPM of 47.3% in 1H25 (vs 48.5% in 1H24).Operating profit stood at IDR193.7 bn in 2Q25 (+1.0% QoQ/-7.0% YoY), bringing 1H25 operating profit to IDR385.4 bn (-18.7% YoY) due to a +9.7% YoY increase in OPEX to IDR1.8 tn in 1H25 (vs IDR1.6 tn in 1H24). 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 - ACES Recovery Still Elusive, Near-Term Pressures Dominate

<ul><li>We expect AZKO’s sluggish performance to continue to 3Q25F given persisting economic headwinds, although mgmt. expects a stronger 4Q25.</li><li>We see the return of Ace Hardware could pose med-to-long term pressure to AZKO despite AZKO’s growing brand awareness since its launch.</li><li>We revised up our earnings estimates by +11.2/5.6% in FY25/26F on further opex efficiency. Maintain Neutral with a TP of Rp500.</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 expect AZKO’s sluggish performance to continue to 3Q25F given persisting economic headwinds, although mgmt. expects a stronger 4Q25.We see the return of Ace Hardware could pose med-to-long term pressure to AZKO despite AZKO’s growing brand awareness since its launch.We revised up our earnings estimates by +11.2/5.6% in FY25/26F on further opex efficiency. Maintain Neutral with a TP of Rp500.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) Macro and Competitive Headwinds Persist

<ul><li>AZKO’s 6M25 indicative sales came in at Rp4.2tr (+3.5% yoy), reflecting 47.9% of our FY25F estimates (in line). Jun25 SSSG stood at -4.8% (6M25: -2.9%).</li><li>We anticipate the weak sales trend to persist into 3Q25, with potential improvement to come only in 4Q25, driven by year-end seasonality.</li><li>The current soft outlook affirms our expectation of negative EPS growth in FY25; we reiterate our Hold rating with an unchanged TP of Rp520.</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.

AZKO’s 6M25 indicative sales came in at Rp4.2tr (+3.5% yoy), reflecting 47.9% of our FY25F estimates (in line). Jun25 SSSG stood at -4.8% (6M25: -2.9%).We anticipate the weak sales trend to persist into 3Q25, with potential improvement to come only in 4Q25, driven by year-end seasonality.The current soft outlook affirms our expectation of negative EPS growth in FY25; we reiterate our Hold rating with an unchanged TP of Rp520.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) - Another Soft Sales and SSSG in Jun25...

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)