Ace Hardware, 100 stores by 2015, CLSA

Having opened its 59th new store in Tebet (South Jakarta) this month, the
company is on track to meet their targeted 15 additional stores or +20%
on gross space basis. Coupled with strong same-store-sales growth
(Sssg) number of 18.3% as of 3M12, we foresee the company to deliver a
robust 26% top-line growth this year. Well execution should lead them to
possess 100 stores by 2015, while competition may however limit their
margin expansion. We maintain our BUY rating on the company with
slightly lower TP of Rp5,400/sh to reflect some margin pressure.