Research & Stock Picks

Company Reports

31 January 2025

By

Aspirasi Hidup Indonesia (ACES): IDR 765 — BUY, SSI TP: IDR 850; Cons. TP: IDR 1,045

Strength

Positive FY24 SSSG reading of 9.1% (FY23: 8.1%) supported by continued momentum in Ex-Jakarta areas, particularly in Java (FY24 SSSG: 8.6%), reflected robust demand for homeware, home living, electrical appliances, and kitchenware

 

Weakness

In Dec-24, Jakarta SSSG slowed to 3.4% (Dec-23: 9.3%), mainly due to market saturation; considerable YoY decline in Ex-Java’s Dec-24 SSSG (9.7%, Dec-23: 12.7%), primarily due to high-base effect from pent up demand in FY23

 

Opportunity

Potential firmer-than-expected commodity prices, driven by weaker USD, should help ex-Java markets retain upbeat 2025F momentum; potential improvement in purchasing power among mid-to-high income segments should bolster sales going forward, allowing for a reversal from recent market underperformance

 

Threat

Weak IDR may adversely affect purchasing power, potentially pressuring profitability; soft commodity prices could impact ex-Java performances, posing a risk towards ACES’ stores in the region; potential tax on Chinese imports is likely to hurt profitability given that most products are sourced from China

Share This:

Download PDF

Download PDF

Download PDF

More Related

Economic Reports

Feb 17, 2025

Morning Briefs

Feb 17, 2025

Technical Stock Analysis

Feb 17, 2025

Morning Briefs

Feb 14, 2025

Technical Stock Analysis

Feb 14, 2025

Economic Reports

Feb 13, 2025

Technical Stock Analysis

Feb 13, 2025

Morning Briefs

Feb 13, 2025

Economic Reports

Feb 12, 2025

Morning Briefs

Feb 12, 2025

Technical Stock Analysis

Feb 12, 2025

Economic Reports

Feb 11, 2025

Technical Stock Analysis

Feb 11, 2025

Economic Reports

Feb 10, 2025

Technical Stock Analysis

Feb 10, 2025

Morning Briefs

Feb 10, 2025

Technical Stock Analysis

Feb 7, 2025

Morning Briefs

Feb 7, 2025

Economic Reports

Feb 6, 2025

Technical Stock Analysis

Feb 6, 2025

Morning Briefs

Feb 6, 2025

Economic Reports

Feb 6, 2025

Economic Reports

Feb 5, 2025

Technical Stock Analysis

Feb 5, 2025

Morning Briefs

Feb 5, 2025

Economic Reports

Feb 5, 2025

Technical Stock Analysis

Feb 4, 2025

Economic Reports

Feb 4, 2025

Economic Reports

Feb 3, 2025

Economic Reports

Feb 3, 2025

Morning Briefs

Feb 3, 2025

Technical Stock Analysis

Feb 3, 2025

Technical Stock Analysis

Jan 31, 2025

Morning Briefs

Jan 31, 2025

Economic Reports

Jan 30, 2025

Morning Briefs

Jan 30, 2025

Technical Stock Analysis

Jan 30, 2025

Company Reports

Jan 24, 2025

tren positif rumah sakit

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

sektor media

Company Reports

Jan 24, 2025

penurunan penjualan semen

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

Morning Briefs

Jan 24, 2025

Economic Reports

Jan 23, 2025

Morning Briefs

Jan 23, 2025

Economic Reports

Jan 22, 2025

Morning Briefs

Jan 22, 2025

Economic Reports

Jan 21, 2025

Company Reports

Jan 21, 2025

Economic Reports

Jan 20, 2025

Morning Briefs

Jan 20, 2025

Technical Stock Analysis

Jan 20, 2025

Technical Stock Analysis

Jan 17, 2025

Morning Briefs

Jan 17, 2025