Nick Cashmore is doing basic research 101. He visited newly opened Ace Hardware (ACES IJ) store over the weekend. This store is just over 5,300 sqm in size making it one of the larger stores in the group. So, this store adds about 4.3% to their floor size. Total ACES floor size is 130k sqm post Gandaria.
Business was brisk, although the brand new mall is still largely empty. Two anchor tenants are Lotte and ACES. Both appear to be doing very good business.
Splashing US$130 for 13 items at ACES, Cashmore found the shopping experience a pleasure. He is coming back for sure. In mid September, ACES will also open their second Toys Kingdom store in town.
The latest ACES store opened over the weekend.
Gandaria is just over 5,300 sqm making it one of the larger stores
Indonesia’s expanding middle class is shifting towards lifestyle spending and ACES is at the forefront of this trend.
Valuation: the stock trades at reasonable valuation, 13.5x 2011 P/E with 25% earnings growth and 20% ROE.
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