Ace Hardware Indonesia (ACES IJ)
HOLD-UPF / TP: IDR:1,430 (-4.7%)
Analyst: Chandra Pasaribu
Analyst: Muhammad Abdul Aziz

Our stance more conservative than ACES’
• SSSG down 18.2% in May and -7.6% YTD
• Store expansion under review
• Earnings downgrade
• Rich of valuation, downgrade to HOLD-UPF