ACES’ Dec-16 SSSG accelerated, led by growth in ex-Java
¨ $ACES’ December SSSG accelerated to 3.9% (from 0.9% in Nov) driven by strong sales in ex-Java which jumped to 6.8% in Dec from just 0.5% in Nov; it seems higher commodities price helped.
¨ The result is encouraging, showed an sales acceleration across the board in Indonesia.
¨ FY16 top-line reached Rp4.87tn, 96% of consensus.
¨ Basically same takeaway with $RALS’ SSSG figures.
¨ ACES trades at 19.5x 2017cons PE (Stifanus Sulistyo)