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 booked revenue of IDR2.1 tn in 2Q25, flat -0.1% QoQ but down -2.1% YoY, bringing cumulative revenue to IDR4.3 tn in 1H25 (+3.2% YoY), slightly below expectations at 47.4%/46.8% of our/consensus FY25E estimates.</li><li>Gross profit came in at IDR995.8 bn in 2Q25 (-2.8% QoQ/-4.3% YoY), leading to a flattish 1H25 gross profit of IDR2.0 tn (+0.6% YoY) with a narrower GPM of 47.3% in 1H25 (vs 48.5% in 1H24).</li><li>Operating profit stood at IDR193.7 bn in 2Q25 (+1.0% QoQ/-7.0% YoY), bringing 1H25 operating profit to IDR385.4 bn (-18.7% YoY) due to a +9.7% YoY increase in OPEX to IDR1.8 tn in 1H25 (vs IDR1.6 tn in 1H24). </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 booked revenue of IDR2.1 tn in 2Q25, flat -0.1% QoQ but down -2.1% YoY, bringing cumulative revenue to IDR4.3 tn in 1H25 (+3.2% YoY), slightly below expectations at 47.4%/46.8% of our/consensus FY25E estimates.Gross profit came in at IDR995.8 bn in 2Q25 (-2.8% QoQ/-4.3% YoY), leading to a flattish 1H25 gross profit of IDR2.0 tn (+0.6% YoY) with a narrower GPM of 47.3% in 1H25 (vs 48.5% in 1H24).Operating profit stood at IDR193.7 bn in 2Q25 (+1.0% QoQ/-7.0% YoY), bringing 1H25 operating profit to IDR385.4 bn (-18.7% YoY) due to a +9.7% YoY increase in OPEX to IDR1.8 tn in 1H25 (vs IDR1.6 tn in 1H24). 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 Recovery Still Elusive, Near-Term Pressures Dominate