Ace Hardware Indonesia (ACES IJ): Returns to normal run rate

Ace Hardware Indonesia (ACES IJ)
HOLD-UPF / TP: IDR:760 (-3.8%)
Analyst: Laras Nadira

Returns to normal run rate
• Sales in 8M23 were in line
• Slower SSSG in Java ex-Jakarta area
• Modest Sep sales numbers is expected
• Maintain HOLD-UPF with unchanged TP