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.

Equity Bottom-Up

Aspirasi Hidup Indonesia / Equity Bottom-Up

<ul><li>Aspirasi Hidup Indonesia (ACES IJ)Solid Sept24 SSSG; Expect strong 9M24 core profit of 13% yoy, in line with our FY24FWe expect ACES’ solid SSSG in Sep24 to support core profit growth of 9.5% yoy in 3Q24 and 13% yoy in 9M24.</li><li>ACES plans to accelerate expansion starting in FY25, with ongoing rebranding efforts and a goal to double its store count within 5-7 years.</li><li>We see greater flexibility for store formats and diversification post partnership termination with ACE US. Maintain Buy with a TP 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.

Aspirasi Hidup Indonesia (ACES IJ)Solid Sept24 SSSG; Expect strong 9M24 core profit of 13% yoy, in line with our FY24FWe expect ACES’ solid SSSG in Sep24 to support core profit growth of 9.5% yoy in 3Q24 and 13% yoy in 9M24.ACES plans to accelerate expansion starting in FY25, with ongoing rebranding efforts and a goal to double its store count within 5-7 years.We see greater flexibility for store formats and diversification post partnership termination with ACE US. Maintain Buy with a TP 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 -  Solid Sept24 SSSG

Thematic (Sector/Industry)

<ul><li>We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).</li><li>We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.</li><li>MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.</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 solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.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: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI

<ul><li>ACES reported strong SSSG of 11% yoy in Aug24 and 9.9% for 8M24, exceeding mgmt’s/our FY24 target of at least 7%/7.6%.</li><li>Aug24-YTD average monthly sales grew 14% yoy, exceeding prepandemic levels of Rp671bn/month.</li><li>We estimate 3Q24E/9M24E net profit growth of 13%/18% yoy to form 66/68% of FY24F/Cons. Maintain Buy rating with unchanged TP.</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 strong SSSG of 11% yoy in Aug24 and 9.9% for 8M24, exceeding mgmt’s/our FY24 target of at least 7%/7.6%.Aug24-YTD average monthly sales grew 14% yoy, exceeding prepandemic levels of Rp671bn/month.We estimate 3Q24E/9M24E net profit growth of 13%/18% yoy to form 66/68% of FY24F/Cons. Maintain Buy rating with unchanged TP.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 - Strong Aug24 SSSG

<ul><li>Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24. </li><li>We expect manageable inventory days for MAPA, though there are concerns on margins. </li><li>MIDI’s SSSG in Aug24 remained strong at 12%. We maintain an Overweight rating with pecking orders: MIDI&gt; MAPI&gt; ACES&gt; MAPA.</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.

Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24. We expect manageable inventory days for MAPA, though there are concerns on margins. MIDI’s SSSG in Aug24 remained strong at 12%. We maintain an Overweight rating with pecking orders: MIDI&gt; MAPI&gt; ACES&gt; MAPA.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: Jul-Sep24 Retail Channel Checks: Sports Brands Drive Promotions, Fashion Discount End

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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<ul><li>ACES released its 2Q24 results, with revenue reaching IDR2.2 tn, growing by +11.5% QoQ/+12.8% YoY.</li><li>This translates into 1H24 revenue of IDR4.1 tn, climbing by +13.7% YoY (vs IDR3.6 tn in 1H23).</li><li>This figure meets cons. estimates, with a run-rate of 49.5%, and surpasses our target in FY24E of 55.1%.</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 released its 2Q24 results, with revenue reaching IDR2.2 tn, growing by +11.5% QoQ/+12.8% YoY.This translates into 1H24 revenue of IDR4.1 tn, climbing by +13.7% YoY (vs IDR3.6 tn in 1H23).This figure meets cons. estimates, with a run-rate of 49.5%, and surpasses our target in FY24E of 55.1%.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 - 7M24 SSSG Remained Solid; Signs of Spending Power Recovery

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)

Aspirasi Hidup Indonesia - Solid Sept24 SSSG

Expect strong 9M24 core profit of 13% yoy, in line with our FY24FWe expect ACES’ solid SSSG in Sep24 to support core profit growth of 9.5% yoy in...

BRI Danareksa Research

Retail: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI

We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).

BRI Danareksa Research

Aspirasi Hidup Indonesia - Strong Aug24 SSSG

ACES reported strong SSSG of 11% yoy in Aug24 and 9.9% for 8M24, exceeding mgmt’s/our FY24 target of at least 7%/7.6%. Aug24-YTD average monthly...

BRI Danareksa Research

Retail: Jul-Sep24 Retail Channel Checks: Sports Brands Drive Promotions, Fashion Discount End

Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24.

BRI Danareksa Research

ACES IJ - 7M24 SSSG Remained Solid; Signs of Spending Power Recovery

ACES released its 2Q24 results, with revenue reaching IDR2.2 tn, growing by +11.5% QoQ/+12.8% YoY. This translates into 1H24 revenue of IDR4.1 tn,...

MNC Sekuritas

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