KEY HIGHLIGHTS
- Puri and Kembangan sit at the strong end of ACES’s book, with 1H26 group SSSG at 2.2% versus Jakarta at 4.4%, Java ex-Jakarta at 3.0%, and outside Java at just 0.3% — making this cluster a test of the part of the estate that is working.
- Four AZKO stores sit within a few kilometres of each other — Puri Indah Mall, Living Plaza Puri, Meruya Ilir and Meruya Point — raising the question of whether each is earning its capital or simply cannibalising the same demand, which disclosure alone can’t answer.
- The AZKO rebrand looks operationally clean but the market hasn’t paid for it, with 1H26 net sales up 6.3% to IDR4.5 trillion, operating profit up 32.3% to IDR509.8 billion, and net profit up 33.3% to IDR390.3 billion, yet shares are down 35.9% over twelve months at IDR352, or 7.6x trailing earnings.
- Growth is skewing toward NEKA, not this premium cluster, with management targeting 25–30 new AZKO and 40–50 new NEKA stores in 2026 on IDR400–450 billion capex — positioning NEKA as a Mr DIY-style discount competitor for lower-middle income shoppers outside premium malls.
Regards, Aldiracita Research
