Rancak Media JAKARTA — Several prominent Indonesian retail issuers, including PT Sumber Alfaria Trijaya Tbk. (AMRT), PT Daya Intiguna Yasa Tbk. (MDIY), and PT Aspirasi Hidup Indonesia Tbk. (ACES), are actively pushing aggressive expansion plans by adding new stores this year. However, amidst this bustling growth, the share prices of these very retail companies have paradoxically experienced a downward trend.
Edwin Cheah, President Director of MDIY, affirmed the company’s commitment to a sustainable growth strategy, aiming to solidify its presence across Indonesia.
Throughout the third quarter of 2025, MDIY successfully penetrated new territories, extending its reach to regions such as East Barito, Bolaang Mongondow, South Hulu Sungai, West Kutai, and Pesawaran. The company inaugurated 70 new stores during Q3 2025, propelling MR DIY Indonesia’s total network to an impressive 1,154 outlets nationwide.
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“Expanding our reach across Indonesia amidst current conditions demands agility and forward-thinking projections. Our efficient operational model, scalable logistics, and customer-centric approach remain the fundamental drivers of our growth,” Edwin elaborated in a recent written statement.
Another retail issuer, ACES, through its AZKO brand, is also vigorously expanding, targeting the addition of up to 30 new stores this year. Gregory Sugyono Widjaja, Director of Aspirasi Hidup Indonesia, noted that the expansion progress this year has been remarkably swift.
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As of September 2025, ACES had already launched 16 new stores, bringing its total footprint to 259 stores spread across 87 cities throughout Indonesia.
“Our focus for these new store expansions is primarily outside Java, targeting tier-3 cities. This year, we made our inaugural entry into Papua. We are broadly targeting between 25-30 [new] stores this year,” Gregory revealed during a recent press conference.
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Ace Hardware Indonesia Tbk. – TradingView
To achieve its ambitious targets, ACES is accelerating its new store expansion efforts towards the end of this year. For this strategic push, ACES has allocated a substantial capital expenditure (capex) ranging from IDR 200 billion to IDR 300 billion.
Similarly, AMRT, the issuer managing Alfamart, is undertaking an aggressive expansion, aiming to establish 1,000 new outlets in 2025, with the majority slated for development in the greater Jakarta area (Jabodetabek). The company has earmarked a significant capex of IDR 4.5 trillion to IDR 5 trillion for 2025.
PT Mitra Adiperkasa Tbk. (MAPI) is also actively participating in this retail expansion drive in 2025. MAPI is intensifying its foothold in the national retail business by acquiring all GS Supermarket stores from South Korea through its subsidiary, FoodHall Indonesia.
Furthermore, MAPI’s subsidiaries are also vigorously expanding their store networks. For instance, PT MAP Boga Adiperkasa Tbk. (MAPB), a subsidiary, aims to open 40 new Starbucks outlets throughout 2025. These new Starbucks locations are not limited to tier-1 cities like Jabodetabek and Bali but also plan to extend their reach to Lombok and Batam.
MAPI is also reportedly preparing to reintroduce the Ace Hardware brand to Indonesia, broadening its expansion into household daily products.
Despite these robust expansion activities, the share prices of these retail issuers have remained subdued. AMRT’s stock price has declined by 34.39% year-to-date (YTD) or since the first trading day of 2025, closing at IDR 1,870 per share today, Monday (24/11/2025).
Concurrently, MAPI’s stock price fell by 7.8% YTD to IDR 1,300 per share, ACES saw a sharp decrease of 45.82% YTD to IDR 428 per share, and MDIY experienced a drop of 40.17% YTD to IDR 1,065 per share.
M. Nafan Aji Gusta, Senior Market Analyst at Mirae Asset Sekuritas, attributed the current performance of retail issuers primarily to persistently weak public purchasing power. He added that the economic conditions in early 2025 were also rather underwhelming. Nevertheless, retail issuer stocks are still considered prospective, buoyed by their ongoing expansion initiatives.
“Expansion that enhances the consumer experience makes the retail industry more attractive. Moreover, the retail sector generally continues to grow, both in terms of bottom line and top line,” Nafan explained to Bisnis.
Meanwhile, Novi Vianita, an analyst at Panin Sekuritas, echoed this sentiment, stating that retail issuer stocks like AMRT remain prospective, driven by their aggressive expansion. Panin Sekuritas recommends a “buy” rating for AMRT shares, setting a target price of IDR 2,600 per share.
“The target of opening 1,000 new stores serves as a significant driver for retail issuers such as AMRT,” Novi highlighted in her research report.
Summary
Indonesian retail issuers such as PT Sumber Alfaria Trijaya Tbk. (AMRT), PT Daya Intiguna Yasa Tbk. (MDIY), PT Aspirasi Hidup Indonesia Tbk. (ACES), and PT Mitra Adiperkasa Tbk. (MAPI) are undertaking aggressive expansion plans by adding numerous new stores nationwide. Companies like AMRT are targeting 1,000 new outlets, while ACES plans 25-30 new stores, supported by substantial capital expenditures. Despite these robust growth initiatives and significant investments, the share prices of these retail companies have paradoxically experienced a substantial downward trend year-to-date.
Specifically, AMRT’s stock has dropped over 34%, MAPI by 7.8%, ACES by 45%, and MDIY by 40% year-to-date. Analysts attribute this subdued performance primarily to weak public purchasing power and challenging economic conditions in early 2025. Nevertheless, analysts remain optimistic, viewing retail issuer stocks as prospective due to their ongoing expansion initiatives, which are expected to enhance consumer experience and drive future growth. Panin Sekuritas, for instance, recommends a “buy” rating for AMRT, citing its aggressive store opening targets as a key driver.
