BNIS Daily Report of October 6, 2021 – BNI Sekuritas
 In Riset

BNIS Daily Report of October 6, 2021

 

 

RESEARCH REPORT

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.

 

Key Highlights:   

  • 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 (william.siregar@bnisekuritas.co.id)

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