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>ACES Jan24 YTD foot traffic shows a positive growth yoy, which we expect to continue as we approach CNY and Ramadan festivities.</li><li>FY23 SSSG (8.1%) beat the management’s guidance (+6.8%), supported by the strong performance of ex-Java stores (SSSG: +12.7%).</li><li>Growth in FY24 will focus on continuation of ex-Java expansion, traffic recovery and efficiencies. Maintain Buy rating and TP of Rp920.</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 Jan24 YTD foot traffic shows a positive growth yoy, which we expect to continue as we approach CNY and Ramadan festivities.FY23 SSSG (8.1%) beat the management’s guidance (+6.8%), supported by the strong performance of ex-Java stores (SSSG: +12.7%).Growth in FY24 will focus on continuation of ex-Java expansion, traffic recovery and efficiencies. Maintain Buy rating and TP of Rp920.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 - Growth Recovery Outlook Intact on Positive Jan24

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 meeting with <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia</a> revealed a newfound enthusiasm and confidence in the outlook for growth with new store formats and an omnichannel approach as key future drivers. </li>
<li>The company will accelerate its store buildout in 2024 with plans for 20 new stores versus 13 in 2023 with new format stores taking the lead, with an emphasis ex-Java.</li>
<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> will also accelerate the buildout of smaller-sized Ace Express stores with a pilot started this year.  Recent share price weakness looks unjustified.</li>
</ul>


A meeting with Ace Hardware Indonesia revealed a newfound enthusiasm and confidence in the outlook for growth with new store formats and an omnichannel approach as key future drivers. 
The company will accelerate its store buildout in 2024 with plans for 20 new stores versus 13 in 2023 with new format stores taking the lead, with an emphasis ex-Java.

Ace Hardware Indonesia (ACES IJ) will also accelerate the buildout of smaller-sized Ace Express stores with a pilot started this year.  Recent share price weakness looks unjustified.


Ace Hardware Indonesia (ACES IJ) - Reinvigorated with Significant Upside

<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> booked an impressive set of 3Q2023 results after registering a strong improvement in SSSG over the last few months as well as increasing store count.</li>
<li>The company has booked particularly strong performance outside Java, where spending power has proved to be strong, with the company's digital promotions boosting sales significantly and complementing offline sales. </li>
<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> has regained its lustre with a more coherent set of initiatives to drive future growth from promotions to new store formats. Valuations remain reasonable.</li>
</ul>



Ace Hardware Indonesia (ACES IJ) booked an impressive set of 3Q2023 results after registering a strong improvement in SSSG over the last few months as well as increasing store count.
The company has booked particularly strong performance outside Java, where spending power has proved to be strong, with the company's digital promotions boosting sales significantly and complementing offline sales. 

Ace Hardware Indonesia (ACES IJ) has regained its lustre with a more coherent set of initiatives to drive future growth from promotions to new store formats. Valuations remain reasonable.


Ace Hardware Indonesia (ACES IJ) - Renaissance in Motion

<ul><li>Ace Hardware Indonesia(ACES IJ)On track for further progressACES’ strong SSSG improvement to 7% in 8M23 is a testament of its operational turnaround</li><li>We expect a more targeted promotions in Sep23 and Oct23, along with the expected continuation of SSG improvement in 4Q23 to aid FY23F top line to reach IDR7.3tn</li><li>For FY24, we expect net additional stores and a higher contribution from Ex-Java areas to support FY24 earnings growth of 10.6% yoy</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.

Ace Hardware Indonesia(ACES IJ)On track for further progressACES’ strong SSSG improvement to 7% in 8M23 is a testament of its operational turnaroundWe expect a more targeted promotions in Sep23 and Oct23, along with the expected continuation of SSG improvement in 4Q23 to aid FY23F top line to reach IDR7.3tnFor FY24, we expect net additional stores and a higher contribution from Ex-Java areas to support FY24 earnings growth of 10.6% yoyContent 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) - On track for further progress

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

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 - Growth Recovery Outlook Intact on Positive Jan24

ACES Jan24 YTD foot traffic shows a positive growth yoy, which we expect to continue as we approach CNY and Ramadan festivities.

BRI Danareksa Research

Ace Hardware Indonesia (ACES IJ) - Reinvigorated with Significant Upside

A meeting with Ace Hardware Indonesia revealed a newfound enthusiasm and confidence in the outlook for growth with new store formats and an...

Angus Mackintosh

Ace Hardware Indonesia (ACES IJ) - Renaissance in Motion

Ace Hardware Indonesia has regained its lustre with a more coherent set of initiatives to drive future growth from promotions to new store formats....

Angus Mackintosh

Ace Hardware Indonesia (ACES IJ) - On track for further progress

Ace Hardware Indonesia(ACES IJ)On track for further progressACES’ strong SSSG improvement to 7% in 8M23 is a testament of its operational turnaround

BRI Danareksa Research

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

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