ACES booked revenue growth of 3.2% YoY to IDR4.27 trillion in 6M25. This growth was driven by an increase in sales of lifestyle products by 5.3% YoY to IDR1.89 trillion, and home improvement products increased by 2.1% YoY to IDR2.16 trillion in 6M25.

On a quarterly basis, ACES’s revenue reached IDR2.13 trillion in 2Q25, relatively stable compared to 1Q25. This revenue stability was driven by sales growth in almost all business segments, except for home improvement products, which decreased by 4% QoQ to IDR1.06 trillion in 2Q25, in line with the normalization of home renovations after Eid al-Fitr.

ACES’s operating expenses decreased by 4.2% QoQ to IDR769 billion in 2Q25, an improvement from the previous position in 1Q25. This decrease was due to a decrease in salary and allowances expenses by 15.7% QoQ in line with normalization after THR payment in 1Q25, as well as a decrease in advertising and promotion expenses by 8.3% QoQ. This condition caused ACES’s operating profit to grow by 1% QoQ to IDR194 billion in 2Q25.

ACES’s net profit grew 9.3% QoQ to IDR151 billion in 2Q25. This growth was driven by an increase in financial income to IDR20 billion from interest income on current accounts and time deposits. In addition, financial expenses also decreased to IDR31 billion in line with lower bank charges in 2Q25.

We maintain our Buy rating for ACES with the same projections and fair value as the previous ACES company update at IDR685 per share, with a potential upside of 41.53%. This is based on the continued expansion of store openings. By June 2025, AZKO stores will reach 252 stores (vs. 245 stores in FY24). Going forward, the company is targeting to open 17 stores in the rest of the year. In addition, we expect public purchasing power to potentially recover, especially at the end of the year, in line with seasonal consumption trends that can potentially drive revenue in FY25.

By PHINTRACO SEKURITAS | Research
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