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SWOT Analysis of the Results
Strength
Robust 7M24 SSSG of ~9.8% (7M23: 6.2%), despite the absence of ‘Boom Sale’ effect (projected to peak in August); Ex-Java markets booked double-digit 7M24 SSSG of ~12.1% (6M24: 12.8%; 7M23: 11.3%), while Jakarta and Java delivered solid numbers of 5.9% (7M23: 5.3%) and 9.7% (7M23: 3.4%)
Weakness
Soft July SSSG (4.6%) but not YoY apple-to-apple comparison due to timing difference of ‘Boom Sale’; Considerable decline in Jakarta’s Jul-24 SSSG to 0.3% (Jun-24: 3.3%; Jul-23: 10.4%), which we attribute to the highly saturated market
Opportunity
Strong 8M24 SSSG to fully materialize on the effect of ‘Boom Sale’, which started 31st July – Mid August; K-shaped economic recovery and positive momentum from ex-Java markets to support sales; market underperformance should provide buying opportunities
Threat
Potential impositions of additional VAT to 12% and Import tax duty on Chinese products may dampen ACES’s sales; Worse-than-expected consumer spending (due to weak purchasing power and economic slowdown)
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