Aspirasi Hidup Indonesia (ACES IJ): Inventory, shared loss to stifle FY2024 gains

Aspirasi Hidup Indonesia (ACES IJ)
HOLD-OPF / TP: IDR:930 (+11.4%)
Analyst: Laras Nadira

Inventory, shared loss to stifle FY2024 gains
• High inventory in 4Q24
• Earnings revised down due to shared loss from ruparupa.com
• Margin requires time to revert to pre-pandemic dimensions
• Maintain HOLD with the same TP