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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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