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

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%

Thematic (Sector/Industry)

<ul><li>We estimate 3Q25/9M25 sector revenue growth of +6.5/+6.9% yoy, relatively in line with ours’ and consensus’ est.</li><li>As we expect margins to normalize, core profit growth is estimated to be flat yoy in 9M25, likely falling short of our estimates.</li><li>Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800).</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 estimate 3Q25/9M25 sector revenue growth of +6.5/+6.9% yoy, relatively in line with ours’ and consensus’ est.As we expect margins to normalize, core profit growth is estimated to be flat yoy in 9M25, likely falling short of our estimates.Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800).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.

Retail: 3Q25 Preview: Steady Revenue, But Earnings May Come Under Pressure (OVERWEIGHT)

Macroeconomics

<ul><li>We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.</li><li>We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). </li><li>While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.</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 maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.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.

Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco

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