What's New

ACES: Ready to Rock and Roll in 4Q!
12 Nov 2018

ACES: Ready to Rock and Roll in 4Q!

Considering the stellar performance YTD, the company once again revised its SSSG target from 5% earlier this year to 8% and finally 10-11% for FY18F which in line with our FY18F as we expect the company will post higher double digit SSSG in 4Q18 driven by Boom Sale in Oct and peak season Christmas and Year End festive in December.

We maintain our BUY recommendation on the stock with unchanged fair value of Rp1,750, considering the 9M18 performance was still in line with our FY18E. Our TPimplies forecasted 24.0x PER and 19.4x EV/EBITDA 2019F, while at yesterday’s closing price, ACES was trading at 19.5xPER and 15.3xEV/EBITDA 2019F, offering 23.2% upside potential.

CLICK HERE to download complete report