Latest Report Released: August 6th, 2018
Current Rating: Sell; Previous Rating: Buy;
Current Target Price: 1,260; Previous Target Price: 1,260
Downgraded Rating, Maintained Price Target

• Another solid quarter for ACES with net sales shot up 22.6% y/y, supported by strong double-digit y/y growth from all three segments.
• Particularly strong growth came from net consignment sales (+87.3% y/y).
• Taking firmer grip on the domestic market by penetrating secondary and tertiary cities.
• We maintained our 12-months forward target price at IDR 1,260 per share, translating into 24.9x FY18E P/E. However, we downgraded our rating to SELL due to a lack of positive catalyst. Our target price is derived from a blended calculation of DCF and P/E (+1SD) multiple at 26.6x. ACES is currently traded at 25.8x 2018F P/E. 

PT Phillip Securities Indonesia
ANZ Tower Level 23B, JlJendSudirman
Kav. 33A Jakarta 10220 – Indonesia
Tel +62-21 5790 0800 Fax +62-21 5790 0809
Website: www.phillip.co.id