ID : Ace Hardware Indonesia - Weak 1Q21F but expect recovery in 2Q21F

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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