Ace Hardware Indonesia Tbk

aces

Overview

ACES Overview

PT Ace Hardware Indonesia Tbk is an Indonesia-based company, which is a retailer of household appliances, home improvement and lifestyle products. Its home improvement products include outdoor living, paint and sundries, plumbing supplies, and fixtures, electrical, tools and miscellaneous. The lifestyle products include automotive, furniture, houseware and gifts, sporting goods and pet supplies and home appliances. The Company’s products are marketed under various trademark brands, including ACE, Krisbow, and Kris. The Company owns investment properties in the form of land and buildings in Balikpapan and Tangerang, namely Living Plaza Balikpapan, Living Plaza Bintaro and Alam Sutera. It has 228 retail outlets which are located in Jakarta, Tangerang, Cilegon, Serang, Bekasi, Karawang, Bogor, Depok, Purwakarta, Cirebon, Bandung, Sumedang, Tasikmalaya, Sukabumi, Gresik, Yogyakarta, Semarang, Kudus, Purwokerto, Mojokerto, Tegal, Surabaya, Malang, Jember, Kediri, Aceh, Bali and others.

5101520ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: ACES

Main
Market Cap.
IDR 16.26Trillion

~$1.04B USD

Industry
Specialty Retail
Sub-Industry
Home Improvement Retail
Sector
Consumer Cyclicals
Sub-Sector

Valuation

ACES Valuation Metrics

950

IDR

Closing Price on 2024-04-05

Price to Equity

20.37

P/E

At 20.37x P/E TTM, ACES.JK is trading at a premium to its peers in the Retailing sector (avg 14.3x).

Price to Book

2.78

P/B

At 2.78x P/B TTM, ACES.JK is trading at a premium to its peers in the Retailing sector (avg 0.9x).

Price to Sales

2.21

P/S

At 2.21x P/S TTM, ACES.JK is trading at a premium to its peers in the Retailing sector (avg 0.5x).

Valuing Ace Hardware Indonesia Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Retailing sector

Historical Price to Earnings

Other Valuation Metrics

Valuing Ace Hardware Indonesia Tbk relative to other stocks in the Retailing sector

Price/Cash Flow
11.21x
Price/Forward Earnings
21.97x
Enterprise Value/Revenue
2.04x
Enterprise Value/EBITDA
9.84x
PEG Ratio
0.30x

Analyst Ratings

40
60
80
0
100

65.0

Undervalued

Fairly Valued

Overvalued

Last closing: IDR9502024-04-05
IDR 582.89

Considerably Lower Intrinsic Value: Analyst's intrinsic value is of ACES is IDR583, which is 38% lower than ACES's last closing price of IDR950 (as of 2024-04-05).

Valuation Recap of ACES stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 20.37x is above the ID market average of 8.22x and is trading at a premium to peers in the Retailing sector (14.28x).
Max 3
High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 2.78x is above the peers average of 0.92x in the Retailing sector. ACES trades at a higher P/B ratio than >75% of its peers in the Retailing sector.
Max 3
Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 2.21x is above the peers average of 0.52x in the Retailing sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of ACES's valuation relative to its current sales and future earnings growth. ACES trades at a Forward P/E ratio of 21.97x, which is considered richly valued by analysts.
Max 2
Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. ACES's P/CF ratio of 11.21x is considered a relatively high ratio by analysts.
Max 2
Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. ACES's EV/R ratio of 2.04x is considered fairly underpriced by the market The average EV/R ratio for the Retailing sector is 1.21x.
Max 3
Medium
Considerably Lower Intrinsic Value: Analyst's intrinsic value is of ACES is IDR 582.89, which is 38% lower than ACES's last closing price of IDR 950.00.
Max 3

Peers

ACES Peers and Comparison

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
MASAMultistrada Arah Sarana Tbk54.91T7.51T 7.08T 0.87T 62.989.41
FILMPT MD Pictures Tbk.45.84T1.71T 0.35T 0.09T 495.5928.31
MSINPT MNC Digital Entertainment Tbk35.19T6.80T 2.97T 0.21T 171.186.14
MAPIMitra Adiperkasa Tbk31.26T24.58T 32.43T 2.10T 14.873.27
MAPAPT MAP Aktif Adiperkasa Tbk.28.93T9.24T 12.56T 1.41T 20.545.44
CNMAPT Nusantara Sejahtera Raya Tbk19.84T7.08T 0.88T -0.02T -811.294.46
ACESAce Hardware Indonesia Tbk16.26T7.43T 7.36T 0.80T 20.372.78
SMSMSelamat Sempurna Tbk11.20T4.52T 5.01T 0.90T 12.393.57
TRIOTrikomsel Oke Tbk11.08T0.09T 0.68T -0.11T -99.53-3.05
AUTOAstra Otoparts Tbk10.65T19.79T 19.17T 1.81T 5.900.83
Competitiveness Recap of ACES stock
WeightNotesScore
High
At a market cap of IDR 16,264.38 billion, ACES.JK ranks 7 in Market Cap out of 10 companies in the Consumer Cyclicals sector.
Max 2
High
At a PE of 20.37, ACES.JK ranks 5 out of 10 companies in the Consumer Cyclicals sector for P/E value. The average PE is -10.70 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Consumer Cyclicals. In this regard, it trails behind sector leaders such as PT MD Pictures Tbk. (495.59) in the Consumer Cyclicals sector.
Max 2
Medium
At a PE of 20.37, ACES.JK is trading at a higher PE than that of its subsector peers in Retailing (median of 14.28). false●●
Max 2
Medium
At a revenue of IDR 7.36 trillion, ACES.JK ranks 4 in Revenue out of 10 companies in the Consumer Cyclicals sector.
Max 2
Medium
At a profit of IDR 0.80 trillion, ACES.JK ranks 6 in Profit out of 10 companies in the Consumer Cyclicals sector.
Max 2

Future

Future Growth of ACES

Growth Forecasts

ACES 2024 Revenue Growth
+8.1%
ACES 2024 EPS Growth
+6.4%
Sector Revenue Growth
+25.2%
Retailing
Indonesia Market Growth
+12.0%
IDX overall growth
Retailing Sector Revenue Growth '24
+35.6%
Consumer Cyclicals Sector Revenue Growth '24
+33.1%

Sector Benchmark

Retailing companies in Indonesia are growing at a projected rate of 25.19% against the IDX average of +12.0%.

Retailing sector overview

ACES Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of ACES
WeightNotesScore
High
ACES's projected growth rate of 25.19% is above the ID market average of 11.98%.●●●
Max 3
High
The Retailing sub-sector is projected to grow revenue by 35.59% in 2024. This number is higher than the previous year 2023's growth rate of 16.44%. This bodes well for ACES's revenue growth prospects in the next 2 years. ●●●
Max 3
Medium
The Retailing sub-sector is projected to increase earnings by 22.09% in 2024. This number is higher than the previous year 2023's EPS growth of 5.73%. This bodes well for ACES's earnings growth prospects in the next 2 years. ●●●
Max 3
Medium
ACES and its peers in the Retailing sub-sector belongs to the Consumer Cyclicals sector. Companies in the Consumer Cyclicals sector are projected to have a fruitful year heading into 2024. Specifically, earnings are projected to increase by 21.68% in 2024 while revenue growth is projected to increase by 33.11%. These macroeconomic trends will likely be a tailwind for ACES's earnings growth prospects in the next 2 years. ●●●
Max 3
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Management

Executive Management

President Director

Prabowo Widya Krisnadi15.2 years
Sugiyanto Wibawa
Director
Suharno
Director
Gregory Sugyono Widjaja
Director
Teresa Lucia Wibowo
Director
NamePositionShares%
Gregory Sugyono WidjajaDirector94,100< 0.01
Kuncoro WibowoPresident Commissioner100,000< 0.01
SuharnoDirector1,230,000< 0.01
Teresa Lucia WibowoDirector983,000< 0.01
Expressed in millions IDR, unless otherwise stated

Ownership

ACES Ownership

Others
28.45%
Insiders
59.98%
Institutions
11.57%
NameNumber of SharesOwnership (%)Value
Pt Kawan Lama Sejahtera10,284,900,00059.979,770.66B
Public (Scripless)6,833,082,60039.846,491.43B
Treasury Stock29,610,3000.1728.13B
Suharno1,230,0000.011.17B
Teresa Lucia Wibowo983,0000.010.93B

Largest Institutional Buy

AHAM Asset Management Berhad
Bought 31-01-2024
+37,454,500 shares
Nomura Asset Management Co Ltd
Bought 31-01-2024
+18,913,400 shares
State Street Global Advisors
Bought 31-01-2024
+6,628,923 shares

Largest Institutional Sell

FIL Fund Management Limited
Sold 31-01-2024
-153,471,900 shares
Grandeur Peak Global Advisors, LLC
Sold 31-01-2024
-119,367,700 shares
Fidelity Management & Research Company LLC
Sold 31-01-2024
-93,137,385 shares

Institutional Transactions

Tracking institutional transactions buying / selling of ACES stock