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Tuesday, Jan-21 2020 09:21 WIB
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Menghitung Kekuatan Gerai ACES
Published: 26 Jul 2019 07:24 WIB


IMQ, Jakarta —  PT Ace Hardware Tbk (ACES) mencatatkan pelemahan rata- rata penjualan tiap toko (same store sales growth/SSSG) pada semester II 2019 sekitar mencapai 6,9% dari periode serupa tahun lalu 13,4%.

“Sebagian besar didorong oleh pelemahan di luar Pulau Jawa yang hanya 5,7% dari 12,7% periode serupa tahun lalu,” kata Analis Albertha Palma melalui riset, Jumat (26/7).

Sedangkan, penurunan di daerah Jawa dan Jakarta masing-masing 8,5% dari 8,1% dan 7,1% dari 9,6%. Secara umum, pelemahan ini seiring dengan pergeseran periode Lebaran yang jatuh diawal Juni 2019.

“Memasuki semester II, kami perkirakan SSSG berada di kisaran 6%-7%, lebih rendah dibanding estimasi awal kami 8%-9%,” ujarnya.

Dengan ekspektasi perlambatan pertumbuhan penjualan, ia memperkirakan ACES lebih konservatif dalam berekspansi sepanjang tahun ini. Pembukaan gerai hanya mencapai 18 gerai dengan komposisi 13 gerai Ace Hardware dan 5 gerai Ace Xpress.

Menurut manajemen, keterbatasan luasan lahan yang tersedia saat ini juga menjadi hambatan.

Kendati demikian, efisiensi operasional menjadi pilihan ACES ditengah potensi melambatnya pertumbuhan penjualan. Saat ini, ACES tengah melakukan penyederhanaan SKU dari 80.000 SKU menjadi 60.000 SKU.

“Kami memperkirakan penurunan penjualan tidak berdampak signifikan terhadap marjin keuntungan seiring meningkatnya efisiensi aktivitas operasional kedepan,” tutur dia.

Dengan kondisi tersebut, ia merekomendasikan hold untuk ACES, dengan target harga Rp1.650 merefleksikan P/E sekitar 20,7 kali. Adapun, risoko investasinya adalah pertumbuhan ekonomi Indonesia yang di bawah ekspektasi, serta konsistensi peraturan pemerintah.
Author: Susan Silaban
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