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.

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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

<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

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.

<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

<ul><li>ACES reported a normalized SSSG of 4.6% in Jul24 and 9.8% for 7M24, exceeding mgmt’s FY24 target of at least 7% and our FY24F of 7.6%.</li><li>Our channel check indicated Nitori Japan may emerge as a potential competitor, but we believe it will take time to match ACES’ scale.</li><li>We reaffirm our Buy rating on the back of ACES’ EPS growth (FY24-26F CAGR of 11%), with an unchanged 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 a normalized SSSG of 4.6% in Jul24 and 9.8% for 7M24, exceeding mgmt’s FY24 target of at least 7% and our FY24F of 7.6%.Our channel check indicated Nitori Japan may emerge as a potential competitor, but we believe it will take time to match ACES’ scale.We reaffirm our Buy rating on the back of ACES’ EPS growth (FY24-26F CAGR of 11%), with an unchanged 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 - Growth Momentum Intact Despite a Normalized Jul24 SSSG

<ul><li>ACES will terminate its agreement with ACES US, with an expected additional cost for rebranding in FY25.</li><li>We lowered FY24-25F net profit by 3.2%/3.5% due to higher opex and lower gross margins. </li><li>Despite steady SSSG, we see uncertainty lingering post-license termination. Maintain Buy rating with a lower 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 will terminate its agreement with ACES US, with an expected additional cost for rebranding in FY25.We lowered FY24-25F net profit by 3.2%/3.5% due to higher opex and lower gross margins. Despite steady SSSG, we see uncertainty lingering post-license termination. Maintain Buy rating with a lower 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 -  Steady SSSG, but Challenges Loom

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)

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

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

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

Aspirasi Hidup Indonesia - Growth Momentum Intact Despite a Normalized Jul24 SSSG

ACES reported a normalized SSSG of 4.6% in Jul24 and 9.8% for 7M24, exceeding mgmt’s FY24 target of at least 7% and our FY24F of 7.6%.

BRI Danareksa Research

Aspirasi Hidup Indonesia - Steady SSSG, but Challenges Loom

ACES will terminate its agreement with ACES US, with an expected additional cost for rebranding in FY25. We lowered FY24-25F net profit by 3.2%...

BRI Danareksa Research

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