Retail Sector: Potential Boost from Ied Festives and Promotions (OVERWEIGHT)
We noted more foot traffic to retail/shopping areas toward the end of Mar24, likely supported by the disbursement of the holiday allowance.
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Equity Strategy: Short-Term Domestic Growth Challenges in 2Q24 May Drive Further De-Risking
Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).
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Retail Sector - Vibrant Rebound at Key Shopping Centers
Our recent visit to Tanah Abang, Thamrin City and Little Bangkok revealed more vibrant shopping than in the similar period last year.
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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.
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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
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