External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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 reported a +9.2% YoY increase in net sales to IDR2.1 tn in 1Q25 (vs IDR2.0 tn in 1Q24), supported by seasonal demand from the earlier Ramadan period and incremental sales from four newly opened AZKO stores in 1Q25 (Living World Alam Sutera, Kelapa Gading Timur, Indramayu, and Papua).</li><li>The home improvement segment grew by +5.5% YoY to IDR1.1 tn in 1Q25 (vs IDR1.0 tn in 1Q24), while the lifestyle segment rose +10.6% YoY to IDR929.7 bn in 1Q25 (vs IDR840.4 bn in 1Q24), reflecting stronger momentum across key categories.</li><li>However, net sales slightly below expectations, achieving only 23.7%/23.4% of our and consensus FY25E target, respectively. </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 reported a +9.2% YoY increase in net sales to IDR2.1 tn in 1Q25 (vs IDR2.0 tn in 1Q24), supported by seasonal demand from the earlier Ramadan period and incremental sales from four newly opened AZKO stores in 1Q25 (Living World Alam Sutera, Kelapa Gading Timur, Indramayu, and Papua).The home improvement segment grew by +5.5% YoY to IDR1.1 tn in 1Q25 (vs IDR1.0 tn in 1Q24), while the lifestyle segment rose +10.6% YoY to IDR929.7 bn in 1Q25 (vs IDR840.4 bn in 1Q24), reflecting stronger momentum across key categories.However, net sales slightly below expectations, achieving only 23.7%/23.4% of our and consensus FY25E target, respectively. 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 in Transition: Rebranding Kicks Off Amid Soft Earnings Start

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a> released a solid set of FY2024 results, with SSSG and headline coming in ahead of expectations, with the company expanding its stores by 20 outlets. </li>
<li>The key concern from the results was the slower guidance for SSSG and sales for 2025, despite a more aggressive store rollout this year, especially outside Java.</li>
<li>
<a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia</a> continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and valuations look attractive historically.  </li>
</ul>



Aspirasi Hidup Indonesia (ACES IJ) released a solid set of FY2024 results, with SSSG and headline coming in ahead of expectations, with the company expanding its stores by 20 outlets. 
The key concern from the results was the slower guidance for SSSG and sales for 2025, despite a more aggressive store rollout this year, especially outside Java.

Aspirasi Hidup Indonesia continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and valuations look attractive historically.  


Aspirasi Hidup Indonesia (ACES IJ) - Growing AZKO Stores and Private Label

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.

<ul><li>Weak consumer confidence along with global and domestic uncertainties have led to mgmt conservative FY25 guidance.</li><li>We project FY25F net profit growth of 5.3% yoy, with lower margins due to soft SSSG and higher opex.</li><li>We believe 34% share price decline YTD has priced in the weak outlook, and thus, maintain Buy rating but with a lower TP of Rp600</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.

Weak consumer confidence along with global and domestic uncertainties have led to mgmt conservative FY25 guidance.We project FY25F net profit growth of 5.3% yoy, with lower margins due to soft SSSG and higher opex.We believe 34% share price decline YTD has priced in the weak outlook, and thus, maintain Buy rating but with a lower TP of Rp600Content 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) Lowering Estimates and TP on Conservative FY25 Outlook..

<ul><li>ACES reported 1M25 sales growth of 9.5% yoy (FY25F: 11.9% yoy) with Jan25 SSSG of 3.4% (vs. our FY25F of 7.2%).</li><li>AZKO stores continued to see strong foot traffic, especially on weekends, reinforcing the customer familiarity with the brand.</li><li>We expect better sales and SSSG in the coming months leading up to the Eid Festive, Reiterate our Buy rating with TP of Rp1,100.</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 reported 1M25 sales growth of 9.5% yoy (FY25F: 11.9% yoy) with Jan25 SSSG of 3.4% (vs. our FY25F of 7.2%).AZKO stores continued to see strong foot traffic, especially on weekends, reinforcing the customer familiarity with the brand.We expect better sales and SSSG in the coming months leading up to the Eid Festive, Reiterate our Buy rating with TP of Rp1,100.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) - Solid Jan25 Sales Driven by New Stores, but Soft SSSG at 3.4%

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a> has forged ahead with its rebranding after ending its licensing agreement with ACES US, changing its store branding to AZKO from 1st January 2025.</li>
<li>The new branding has already been rolled out to several stores but the company has given a 3-month window for all storefronts to be completed across Indonesia. </li>
<li>We view this rebranding exercise as an opportunity for the company to lift sales further through heavy promotions and a more aggressive store rollout. Valuations remain attractive relative to history.</li>
</ul>



Aspirasi Hidup Indonesia (ACES IJ) has forged ahead with its rebranding after ending its licensing agreement with ACES US, changing its store branding to AZKO from 1st January 2025.
The new branding has already been rolled out to several stores but the company has given a 3-month window for all storefronts to be completed across Indonesia. 
We view this rebranding exercise as an opportunity for the company to lift sales further through heavy promotions and a more aggressive store rollout. Valuations remain attractive relative to history.


Aspirasi Hidup Indonesia (ACES IJ) - Rebranded as AZKO

Indonesia

PT Aspirasi Hidup Indonesia Tbk retails tools, home improvement products, lawn and garden supplies, plumbing, furniture, sporting goods, and pet supplies.

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Aspirasi Hidup Indonesia (ACES IJ)

Aces IJ - ACES in Transition: Rebranding Kicks Off Amid Soft Earnings Start

The home improvement segment grew by +5.5% YoY to IDR1.1 tn in 1Q25 (vs IDR1.0 tn in 1Q24), while the lifestyle segment rose +10.6% YoY to IDR929.7...

MNC Sekuritas