MAP Aktif - Store Expansions and Cost Efficiency Drive FY24-26F Est. And TP Upgrade
New store openings and cost management initiatives drove solid 9M24 net profit growth of 8.4% yoy. We increased our FY24/25F net profit estimates...
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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).
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Retail: Jul-Sep24 Retail Channel Checks: Sports Brands Drive Promotions, Fashion Discount End
Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24.
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Retail: 2Q24 Preview: ACES and MIDI Shine, MAPA/MAPI May Face Challenges (OVERWEIGHT)
ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.
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Retail : May24 Channel Check
ACES is continuing its thematic and cashback promotions which will sustain SSSG at the mid-single digit level. Maintain Overweight
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