Highlights

• A pleasant surprise from 3M18 sales at IDR 1.57 tn (+21.5% y/y) which represents 24% of our FY18E target.
• Strong growth from net consignment sales (+77.9% y/y) to reach IDR 22 bn.
• As operating expenses growth has been subdued (+14.7% y/y), net profit rose 37.3% y/y to IDR 210 bn.

3M18 Result Overview

ACES 3M18 net sales rose 21.5%, continuing its double-digit growth trend, to IDR 1.57 tn or 24% from our FY18E target of IDR 6.54 tn. All segments posted double-digit y/y growth with Lifestyle, Toys, and Home Improvement sales growth at 28.1%, 24.4%, and 16%, respectively. Home Improvement segment was still the largest sales generator, which contribute 52.7% of the total sales, down from 3M17 contribution share of 55.6%.