Ace Hardware Indonesia (ACES IJ)
HOLD-OPF / TP: IDR:470 (+4.4%)
Analyst: Laras Nadira
Single-digit SSSG in 2M23
• SSSG remained in positive territory
• Sales rose YoY thanks to the low-base effect
• Store expansion update
• Re-iterate to HOLD-OPF
Bank Jago (ARTO IJ)
Not rated
Analyst: Yap Swie Cu
Strengthens its fundamentals
• Stepping up buffer
• Top-line earnings continued their positive trajectory
• Healthy growth of new users
• Valuation still pressurized by macroeconomic uncertainties
Jasa Marga (JSMR IJ)
BUY / TP: IDR:5,100 (+66.1%)
Analyst: Chandra Pasaribu
Returns to normality
• EBITDA was in line, bottom line exceeded expectation
• Improvement in cash flow translates to better balance sheet
• Breaking up large-scale projects into stages
• Re-iterate BUY
CORPORATE
• OMED targets revenue growth of 25-30% in FY23
• BATA targets sales growth of 40% during Ramadhan
• WOMF to issue IDR1tn bonds
• GOTO post net loss of IDR40.4tn in FY22
CORPORATE
• META to divest non-core assets
• BMHS set capex IDR200bn in FY23
• ZONE to open 30 outlets in FY23
• BBCA distributes final dividend of IDR205 per share
INDUSTRY
• Bank Indonesia to maintain benchmark rate at 5.75%
CORPORATE
• AGII to expand organically
• MTEL to aim acquisition of 2,600 towers of Telkomsel
• LPPF open another two outlets
• Shareholders appoints new CEO for BBTN
