BNIS Daily Report of October 6, 2021
ACES: Cautiously Optimistic
What is new?
Ahead of the 3Q21 results, we revise down our NPAT for FY21F by 25.6% to reflect the weak turnover due to PPKM policy during July-Aug 2021. While Covid-19 is now behind, we expect better sales outlook for ACES ahead.
- Lower earnings estimates for FY21F from weak 3Q21 performance while we lower FY22F-223F sales estimates from incoming competition.
- Maintain BUY with unchanged TP of IDR1,700 as we roll-forward our valuation to FY22F.
Analyst: William Siregar (firstname.lastname@example.org)