Ace Hardware Indonesia (ACES IJ): Jan results aligned with expectations

Ace Hardware Indonesia (ACES IJ)
HOLD / TP: IDR:1,580 (-1.9%)
Analyst: Mewaharti Lai

Jan results aligned with expectations
• SSSG bounced back
• Sales in line with our forecast
• Target for 2020 softened
• Expansion is expected to be slower in 2020
• We re-iterate our HOLD