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.

Thematic (Sector/Industry)

<ul><li>The US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interest</li><li>The market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatility</li><li>Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital credit</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.

The US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interestThe market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatilityDomestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital creditContent 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.

Macro and Flows Tracker - Liquidity Headwind

<ul><li>While Bank Indonesia's recent meeting highlighted weaker growth signals, stronger expansion of fiscal spending in 2H and election-related funds will support growth</li><li>We expect BI's current policy rate stance to continue until Q3-2023, while the latest Fed Minutes Meeting indicates a potential pause</li><li>The debt ceiling negotiations will continue to be the primary focus and are expected to carry forward the positive tone established by both political parties last week</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.

While Bank Indonesia's recent meeting highlighted weaker growth signals, stronger expansion of fiscal spending in 2H and election-related funds will support growthWe expect BI's current policy rate stance to continue until Q3-2023, while the latest Fed Minutes Meeting indicates a potential pauseThe debt ceiling negotiations will continue to be the primary focus and are expected to carry forward the positive tone established by both political parties last weekContent 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.

Macro and Flows Tracker - Positive Market Momentum

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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.

Equity Bottom-Up

Aspirasi Hidup Indonesia / Equity Bottom-Up

<ul><li>ACES booked revenue of IDR2.1 tn in 2Q25, flat -0.1% QoQ but down -2.1% YoY, bringing cumulative revenue to IDR4.3 tn in 1H25 (+3.2% YoY), slightly below expectations at 47.4%/46.8% of our/consensus FY25E estimates.</li><li>Gross profit came in at IDR995.8 bn in 2Q25 (-2.8% QoQ/-4.3% YoY), leading to a flattish 1H25 gross profit of IDR2.0 tn (+0.6% YoY) with a narrower GPM of 47.3% in 1H25 (vs 48.5% in 1H24).</li><li>Operating profit stood at IDR193.7 bn in 2Q25 (+1.0% QoQ/-7.0% YoY), bringing 1H25 operating profit to IDR385.4 bn (-18.7% YoY) due to a +9.7% YoY increase in OPEX to IDR1.8 tn in 1H25 (vs IDR1.6 tn in 1H24). </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 revenue of IDR2.1 tn in 2Q25, flat -0.1% QoQ but down -2.1% YoY, bringing cumulative revenue to IDR4.3 tn in 1H25 (+3.2% YoY), slightly below expectations at 47.4%/46.8% of our/consensus FY25E estimates.Gross profit came in at IDR995.8 bn in 2Q25 (-2.8% QoQ/-4.3% YoY), leading to a flattish 1H25 gross profit of IDR2.0 tn (+0.6% YoY) with a narrower GPM of 47.3% in 1H25 (vs 48.5% in 1H24).Operating profit stood at IDR193.7 bn in 2Q25 (+1.0% QoQ/-7.0% YoY), bringing 1H25 operating profit to IDR385.4 bn (-18.7% YoY) due to a +9.7% YoY increase in OPEX to IDR1.8 tn in 1H25 (vs IDR1.6 tn in 1H24). 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 IJ - ACES Recovery Still Elusive, Near-Term Pressures Dominate

<ul><li>We expect AZKO’s sluggish performance to continue to 3Q25F given persisting economic headwinds, although mgmt. expects a stronger 4Q25.</li><li>We see the return of Ace Hardware could pose med-to-long term pressure to AZKO despite AZKO’s growing brand awareness since its launch.</li><li>We revised up our earnings estimates by +11.2/5.6% in FY25/26F on further opex efficiency. Maintain Neutral with a TP of Rp500.</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 AZKO’s sluggish performance to continue to 3Q25F given persisting economic headwinds, although mgmt. expects a stronger 4Q25.We see the return of Ace Hardware could pose med-to-long term pressure to AZKO despite AZKO’s growing brand awareness since its launch.We revised up our earnings estimates by +11.2/5.6% in FY25/26F on further opex efficiency. Maintain Neutral with a TP of Rp500.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 (ACES.IJ) Macro and Competitive Headwinds Persist

<ul><li>AZKO’s 6M25 indicative sales came in at Rp4.2tr (+3.5% yoy), reflecting 47.9% of our FY25F estimates (in line). Jun25 SSSG stood at -4.8% (6M25: -2.9%).</li><li>We anticipate the weak sales trend to persist into 3Q25, with potential improvement to come only in 4Q25, driven by year-end seasonality.</li><li>The current soft outlook affirms our expectation of negative EPS growth in FY25; we reiterate our Hold rating with an unchanged TP of Rp520.</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.

AZKO’s 6M25 indicative sales came in at Rp4.2tr (+3.5% yoy), reflecting 47.9% of our FY25F estimates (in line). Jun25 SSSG stood at -4.8% (6M25: -2.9%).We anticipate the weak sales trend to persist into 3Q25, with potential improvement to come only in 4Q25, driven by year-end seasonality.The current soft outlook affirms our expectation of negative EPS growth in FY25; we reiterate our Hold rating with an unchanged TP of Rp520.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 (ACES.IJ) - Another Soft Sales and SSSG in Jun25...

Indonesia

PT Aspirasi Hidup Indonesia Tbk is a multi-brand retail company in Indonesia that provides home improvement products, lifestyle products, and toys through a network of retail outlets and online platforms. The company manages retail brands such as AZKO, Pendopo, ATARU, and NEKA, and operates an integrated omnichannel platform under ruparupa. It was founded in 1995 and is headquartered in Jakarta, Indonesia.

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Aspirasi Hidup Indonesia (ACES IJ)

Macro and Flows Tracker - Liquidity Headwind

Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due...

BRI Danareksa Research

Macro and Flows Tracker - Positive Market Momentum

While Bank Indonesia's recent meeting highlighted weaker growth signals, stronger expansion of fiscal spending in 2H and election-related funds...

BRI Danareksa Research

ACES IJ - ACES Recovery Still Elusive, Near-Term Pressures Dominate

ACES booked revenue of IDR2.1 tn in 2Q25, flat -0.1% QoQ but down -2.1% YoY, bringing cumulative revenue to IDR4.3 tn in 1H25 (+3.2% YoY)

MNC Sekuritas