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

Industri Jamu Sido Muncul (SIDO IJ)
BUY / TP: IDR:750 (+23.0%)
Analyst: Laras Nadira

Retains optimistic vision for 2025
• Solid growth prospects to come
• Price adjustment taken to sustain margin
• Update on sweetened beverages tariff
• Re-iterate BUY, higher TP of IDR750

Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:570 (+35.7%)
Analyst: Chandra Pasaribu

Enters EV distribution
• Entering EV distribution segment
• Kicks off partnership with G6 and X9 models
• Possible dilutive impact on cash flow
• Current business remains solid – Re-iterate BUY

Inflation
Analyst: Chandra Pasaribu

Soft inflation for FY2024
• Dec inflation of 0.44%
• PMI improved to 51.2
• Tourism in November 2024 (Nov) remained soft from seasonality
• Cost pressures to affect sentiment

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,430 (+49.0%)
Analyst: Yap Swie Cu

Limited benefit from government incentives
• PPN DTP is extended for another year
• Limited impact from new stimulus
• Strong franchise, internal promotions to support 2025 sales
• Re-iterate BUY on undemanding valuation