ACES booked limited revenue growth of 1.7% YoY to IDR6.33 trillion in 9M25. This revenue was driven by limited growth in almost all business segments, except for consignment sales, which decreased by 7.9% YoY to IDR103 billion in 9M25.

ACES’s operating expenses increased by 5.4% YoY to IDR2.3 trillion in 9M25. This increase was due to an increase in selling expenses of 10.3% YoY to IDR1.82 trillion in 9M25, mainly due to high advertising and promotion costs resulting from the transformation to a new brand called AZKO at the beginning of the year.

Net profit decreased by 16% YoY to IDR477 billion in 9M25. This decrease was aligned with an increase in operating expenses and a decrease in operating profit in 9M25.

ACES introduced its new business line called “Neka”. Neka is designed to serve the lower-income segment and expand ACES’s portfolio to reach all customer segments. In addition, ACES also opened two AZKO outlets in September 2025 with a standalone format in Rantau Prapat and Bukit Tinggi, with an area of less than 2,000 square meters.

We maintain our Buy recommendation for ACES with a lower target price of IDR645/share (previously IDR685). This recommendation is based on calculations using the Discounted Cash Flow method with a Required Return of 8.05% and Terminal Growth of 2.38%.

By PHINTRACO SEKURITAS | Research
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