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Strength
Positive 2Q24 top-line growth of +7.6% QoQ and +8.9% YoY on solid SSSG (Java and Ex-Java markets posted double-digit SSSG) driven by holidays and long weekends; other income from rent and FX provided bottom line support
Weakness
2Q24 operating margin declined to 7.8% (1Q24: 12.1%; 2Q23: 8.1%), which we attributed mainly to higher payrolls and Lebaran bonus; ACES payroll-to-revenue ratio increased to 21.1% in 2Q24 (from 16.6% in 1Q24 and 21.1% in 2Q23)
Opportunity
Given the K-shaped economic recovery due to middle-up target market and solid momentum from ex-Java markets, ACES’ earnings should remain relatively upbeat in 2H24; recent market underperformance provides buying opportunities for investors
Threat
Worse-than-expected consumer spending due to weak purchasing power and economic slowdown, IDR depreciation, and potential margin pressure from the government’s implementation of up-to 200% import duties for Chinese products
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
