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Strength
Robust 8M24 SSSG of ~9.9% (7M24: 9.8%; 8M23: 7.0%), thanks to ‘boom sale’ effect started in late July-24; ex-Java markets booked double-digit Aug-24 SSSG of ~14.9% (July-24: 8.5%; Aug-23: 13.0%), while Jakarta and Java delivered solid figures of 5.9% (July-24: 0.3%) and 9.8% (July-24: 3.5%)
Weakness
Considerable YoY decline in Jakarta’s Aug-24 SSSG to 5.9% (Aug-23: 11.0%), which we attribute to highly saturated market; the most expensive P/S valuation in our sector coverage
Opportunity
We expect ex-Java markets to maintain their upbeat momentum; this, coupled with K-shaped economic recovery, should support sales going forward and potentially continued market outperformance
Threat
Worse-than-expected consumer spending (due to weak purchasing power, economic slowdown, and shrinking middle class) as well as potential Import tax on Chinese products may dampen ACES’s profitability ahead
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