Aspirasi Hidup Indonesia (ACES IJ)
BUY / TP: IDR:930 (+24.8%)
Analyst: Laras Nadira

December serves up strong results
• Record-high sales in Dec
• Sales were in line
• Ex-Java accounts for 40% of new stores
• Re-iterate BUY, unchanged TP

 Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,860 (+69.9%)
Analyst: Yap Swie Cu

Inorganic growth to boost sharia business
• A move to comply with OJK requirement
• Fairly priced acquisition
• Re-iterate BUY with unchanged TP

 Monthly snapshot
Analyst: Alditya Galih Ramadhan

2024 in review: another lackluster year
• A bleak season for 4W, while 2W retains its growth
• BEVs have gotten off to a good start
• ASP increment as FY2025’s tactic for ASII
• Potential rebound nears to FS release, maintaining NEUTRAL

 Indonesia Equity Market
Analyst: Chandra Pasaribu

Seeking new areas of growth
• Relying on bread and butter
• Support from government spending and commodity prices
• Stabilizing policy amid global dynamics
• Index target at 7,975 from modest growth

Aspirasi Hidup Indonesia (ACES IJ)
BUY / TP: IDR:930 (+24.0%)
Analyst: Laras Nadira

Opens a new chapter, now AZKO
• Our first experience at an AZKO store
• More store renovations expected
• Keeps a positive outlook
• Upgrade BUY, share price have downtrend

Macroeconomics
Analyst: Chandra Pasaribu

Rate cut and trade surplus maintained
• First rate cut after three months of no change
• Imports growing faster than export in FY2024
• Trade surplus US$5.8bn lower
• Banks and export minerals favored