Ace Hardware Indonesia (ACES IJ)
HOLD-UPF / TP: IDR:1,830 (+6.1%)
Analyst: Mewaharti Lai


Results are in line with our forecast
• SSSG was at its lowest level since Oct
• Sales achievement was in line with our forecast
• Softer expansion reflects lingering nature of the pandemic
• Re-iterate HOLD-UPF with changed TP