Elevator Pitch
I upgrade my rating on Indonesia-listed home improvement retailer PT Ace Hardware Indonesia Tbk (ACEHF) [ACES:IJ] from Bearish to Neutral.
This is an update of my initiation article on Ace Hardware published on December 12, 2019. Since my initiation, Ace Hardware's share price dropped by -36% from IDR1,630 as of December 11, 2019, to IDR1,040 as of March 23, 2020, which represented a new three-year low. Subsequently, Ace Hardware's share price rebounded strongly to close at IDR1,630 as of July 13, 2020, back to the same level it was at seven