KONTAN.CO.ID – JAKARTA. PT Aspirasi Hidup Indonesia Tbk (ACES) is strategically boosting its capital expenditure (capex) allocation, setting it between Rp 400 billion and Rp 450 billion for the year 2026. This significant increase reflects the company’s ambitious growth trajectory and long-term vision.
The revised capex figure represents a substantial rise compared to the previous year’s actual realization, which hovered in the range of Rp 250 billion to Rp 300 billion. This elevated investment signals a proactive approach to strengthening ACES’s market position and operational capabilities.
Melinda Pudjo, Head of Corporate Communications & Sustainability at PT Aspirasi Hidup Indonesia Tbk (ACES), affirmed that this enhanced capital allocation for 2026 underscores the company’s strong optimism regarding future business growth potential. Furthermore, it highlights ACES’s unwavering commitment to continuously reinforce its core business fundamentals in a sustainable manner.
The allocated capital expenditure will be strategically channeled into key areas vital for business development. This includes ambitious store expansion and revitalization initiatives, strengthening omnichannel capabilities, and upgrading operational infrastructure. The ultimate goal is to deliver an increasingly relevant and seamless customer experience for shoppers across Indonesia.
Through these strategic investments, ACES also aims to solidify and expand its market share across various promising market segments. The company is poised to capitalize on emerging opportunities and deepen its footprint in the competitive retail landscape.
“In executing our expansion strategy, ACES meticulously evaluates market potential, customer needs, and the effectiveness of long-term investments,” Melinda told Kontan on Tuesday, May 26, 2026, emphasizing a disciplined and foresightful approach to growth.
While the overall capital expenditure this year remains focused on supporting the company’s business development and strengthening, a notable shift in emphasis is evident compared to previous years. There’s an increased focus on developing the store network, innovating store concepts to enhance the shopping experience, and reinforcing the omnichannel ecosystem along with essential operational support infrastructure.
As part of this vigorous expansion strategy, ACES successfully added four new stores during the first quarter of 2026, comprising two AZKO stores and two NEKA stores. With these additions, ACES now operates a total of 267 AZKO stores and 12 NEKA stores across various regions of Indonesia as of the end of March 2026.
ACES views these investments not merely as a means to achieve short-term growth but as a crucial step towards strengthening its competitiveness and building a robust long-term business foundation. By maintaining sound business fundamentals, adopting a measured expansion strategy, and prioritizing customer needs, the company remains confident that these initiatives will drive sustainable performance growth.
Abdul Azis Setyo Wibowo, Equity Research at Kiwoom Sekuritas Indonesia, observes that ACES’s increased capex for 2026 clearly reflects the company’s concerted efforts to bolster its expansion and broaden its business network. This strategic financial commitment is expected to pave the way for future growth.
This additional capital expenditure holds the potential to fuel revenue growth through the inauguration of new retail outlets, the refinement of store concepts, and enhanced market penetration. In the medium term, this expansive strategy is also anticipated to support profit growth as the business scales up.
“In our view, this rise in capex indicates that ACES is entering a more aggressive phase of expansion compared to recent years. This demonstrates that management remains quite optimistic about the prospects for domestic consumption and the future demand within the home improvement sector,” Azis remarked, highlighting confidence in the economic landscape.
While ACES shares appear attractive from a valuation perspective, the persistent challenge of purchasing power continues to impact ACES’s performance. Consequently, Azis currently recommends short-term trading for the stock, setting a target price of Rp 390 per share.
Summary
PT Aspirasi Hidup Indonesia Tbk (ACES) is aggressively increasing its capital expenditure (capex) for 2026 to between Rp 400 billion and Rp 450 billion, a significant rise from the previous year’s Rp 250 billion – Rp 300 billion. This substantial investment reflects the company’s strong optimism for future business growth and its commitment to strengthening core business fundamentals. The funds will be strategically utilized for store expansion and revitalization, enhancing omnichannel capabilities, and upgrading operational infrastructure to improve customer experience and market share.
ACES is actively pursuing its expansion strategy, having added four new stores in Q1 2026, bringing its total to 267 AZKO and 12 NEKA stores across Indonesia. Analysts see this increased capex as ACES entering a more aggressive expansion phase, driven by confidence in domestic consumption and the home improvement sector. These strategic investments are expected to fuel revenue growth through new retail outlets and improved market penetration, thereby bolstering ACES’s long-term business foundation.