ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Ace Hardware Indonesia (ACES IJ) - Summer Lull

CrossASEAN Indonesia Strategy - The Stars Are Aligned

Ciputra Development (CTRA IJ) - Primed for the Recovery

Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery

Ace Hardware (ACES IJ) - Lifestyle Express Train

Matahari Department Store (LPPF IJ) - New Dawn

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

Equity Bottom-Up

Ace Hardware Indonesia / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, Indonesia's largest home improvement and lifestyle retailer, which operates countrywide and sells around 60,000 SKUs looks to be over the worst of the impact of the pandemic, having released a resilient set of numbers for FY2020. 
The company saw sales in 2020 fall by -7.0% YoY and gross profits by a lesser -5.9%, although net profit fell by -30.0% YoY given the impact of the pandemic. 
<a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a> continued to expand its store network in 2020, despite the impact of the pandemic, which bodes well for future growth. 
Various strategies to improve on costs in 2020, as well as a continuing focus on its membership scheme, lay a strong foundation for growth over this year and next.
The company is making use of digital channels, selling online through Ruperupa.com, as well as using other channels such as WhatsApp, which has proved effective. 
The most recent SSSG numbers for <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a> in April reflect an inflexion point for the company in terms of SSSG as YOY comparisons get easier but also a strong pre-Lebaran performance. 
The company trades on 26.0x FY21E PER and 19.8x FY22E PER, with forecast EPS growth of +26.1% and +31.7% for FY21E and FY22E respectively, making it look attractive versus its 5-year average forward PER of 25.0x.

Ace Hardware Indonesia (ACES IJ), Indonesia's largest home improvement and lifestyle retailer, which operates countrywide and sells around 60,000 SKUs looks to be over the worst of the impact of the pandemic, having released a resilient set of numbers for FY2020. 
The company saw sales in 2020 fall by -7.0% YoY and gross profits by a lesser -5.9%, although net profit fell by -30.0% YoY given the impact of the pandemic. 
Ace Hardware Indonesia (ACES IJ) continued to expand its store network in 2020, despite the impact of the pandemic, which bodes well for future growth. 
Various strategies to improve on costs in 2020, as well as a continuing focus on its membership scheme, lay a strong foundation for growth over this year and next.
The company is making use of digital channels, selling online through Ruperupa.com, as well as using other channels such as WhatsApp, which has proved effective. 
The most recent SSSG numbers for Ace Hardware Indonesia (ACES IJ) in April reflect an inflexion point for the company in terms of SSSG as YOY comparisons get easier but also a strong pre-Lebaran performance. 
The company trades on 26.0x FY21E PER and 19.8x FY22E PER, with forecast EPS growth of +26.1% and +31.7% for FY21E and FY22E respectively, making it look attractive versus its 5-year average forward PER of 25.0x.

Ace Hardware (ACES IJ) - Renovation Complete, Time to Move-In