ACES Aggressively Allocates Capex in 2026
PT Aspirasi Hidup Indonesia Tbk (ACES) has increased its capital expenditure allocation to between Rp400 billion and Rp450 billion for 2026, up from the previous year’s realised capex of Rp250 billion to Rp300 billion.
Melinda Pudjo, Head of Corporate Communications & Sustainability at PT Aspirasi Hidup Indonesia Tbk (ACES), stated that the increased capex allocation for 2026 reflects the company’s optimism regarding future business growth potential and its commitment to strengthening sustainable business fundamentals. The capital expenditure will focus on supporting business development, including store expansion and revitalisation, omnichannel capability strengthening, and operational infrastructure improvements to deliver a more relevant and seamless shopping experience for customers.
“During expansion, ACES continues to consider market potential, customer needs, and long-term investment effectiveness,” Melinda told Kontan on Tuesday, 26 May 2026.
Overall, this year’s capital expenditure allocation remains focused on supporting and strengthening the company’s business. However, compared to the previous year, there is increased emphasis on store network development, concept and shopping experience updates, and strengthening the omnichannel ecosystem and operational infrastructure.
As part of the expansion strategy, ACES added four new stores in the first quarter of 2026 — two AZKO and two NEKA outlets. By end-March 2026, the company operated a total of 267 AZKO and 12 NEKA stores across various regions in Indonesia.
Abdul Azis Setyo Wibowo of Equity Research at Kiwoom Sekuritas Indonesia noted that ACES’s 2026 capex increase reflects the company’s efforts to strengthen expansion and expand its business network. This additional capex is expected to support revenue growth through new store openings, store concept development, and market penetration. In the medium term, the expansion is likely to underpin profit growth as business scale increases.
“We believe this capex increase indicates ACES has entered a more aggressive expansion phase compared to recent years. This demonstrates management’s continued optimism regarding domestic consumption prospects and future demand in the home improvement sector,” Azis said.
While ACES shares are attractively valued, current purchasing power challenges remain a hurdle for the company’s performance. Therefore, Azis currently recommends short-term trading with a target price of Rp390 per share.