ACES: Aggressive Expansion Led To Slower SSSG
13 May 2019
ACES: Aggressive Expansion Led To Slower SSSG
During 1Q19, ACES booked a total sales of Rp1.88 trillion, grew by 19.6% YoY on the back of 8.2% SSSG coupled with aggressive new store rollouts since last year (179 store in 1Q19 vs 147 stores as of 1Q18). This was slightly below our expectation, made up only 20.8% to our FY19F of Rp9.03 trillion. We made a minor adjustment to our projection to reflect 1Q19 performance and therefore, our TP was slightly down from Rp2,000/ share to Rp1,900/ share, offering 17.3% upside potential. We maintain our BUY recommendation on the stock.
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