Ace Hardware Indonesia (ACES IJ)
Analyst: Vincent Yunnaraga
BUY / TP: IDR:1,835 (+10.9%)
Upkeeping Momentum
• 4Q18 results: revenue soared but earnings slightly decreased QoQ
• FY18 results: within expectations
• Moving forward with a higher pace
• …with more aggressive store expansion
• Upgrade to BUY with higher TP