bullish
Aspirasi Hidup Indonesia (ACES IJ) - The Ace Hardware Separation Is a Rebranding Opportunity
536 Views31 Aug 2024 12:20
SUMMARY
- Ace Hardware Indonesia has been rebranded to Aspirasi Hidup Indonesia after the franchise agreement with ACE US was not renewed. Given ACES's long-standing independence, we see this as an opportunity.
- The new names for the company will not be the brand names for the stores and Ace Hardware products are a tiny portion of the Indonesian company's SKUs anyway.
- Concerns over the separation look overblown with ACES seeing a strong YTD performance above guidance with valuations looking attractive after recent share price weakness, with new store rollout ongoing.
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