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

BRI Danareksa Research

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. 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.

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>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><p><em>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.</em></p>

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