In-line 4Q18 Results for ACES
on behalf of Michael W. Setjoadi & Jessica Pratiwi – RHB Sekuritas Indonesia
♦ ACES booked 4Q18 NPAT at IDR267bn (-1.5% QoQ and +6.7% YoY), bringing FY18 NPAT at IDR964bn (+24% YoY) translating to 100%/ 96% of RHB/cons estimates.
♦ 4Q18 net revenue grew 16.7% QoQ and 21% YoY to IDR2trn while its FY18 revenue relatively flat at IDR7.24trn (+22% YoY).
♦ 4Q18 GPM dropped by 1.7ppt QoQ to 46.5% and flat YoY for FY18 at 47.6%.
♦ Maintain Neutral at TP of IDR1,500 due to expensive valuation.
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