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 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

<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

<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

Thematic (Sector/Industry)

<ul><li>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </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.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. 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.

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

<ul><li>We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).</li><li>We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.</li><li>MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.</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 solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.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.

Retail: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI

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 - 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 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

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

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

Retail: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI

We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).

BRI Danareksa Research

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