Given the still weak retail traffic in 1Q21F, we estimate ACES’s 1Q21F NP declined by 45-50% yoy. However, we expect a rebound from 2Q21F onwards, given the strong Apr SSSG of 17.1% and solid retail traffic, particularly in May. We reiterate Hold on ACES as we expect its SSSG recovery to lag peers’ given its decent FY20 results.
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- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
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- 4 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
- 5 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
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