ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Our recent update with <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> management revealed a number of interesting product-led initiatives that will drive future growth and customer retention as well as save on costs. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> has already seen significant progress on Grab Unlimited given its link to promos plus it is focusing on higher-spending customers to reduce the need for subsidies.</li>
<li>The company's valuations look attractive relative to growth and considering it is moving more quickly towards profitability plus it has more than ample cash to make it there.</li>
</ul>


Our recent update with Grab (GRAB US) management revealed a number of interesting product-led initiatives that will drive future growth and customer retention as well as save on costs. 

Grab (GRAB US) has already seen significant progress on Grab Unlimited given its link to promos plus it is focusing on higher-spending customers to reduce the need for subsidies.
The company's valuations look attractive relative to growth and considering it is moving more quickly towards profitability plus it has more than ample cash to make it there.


Grab (GRAB IJ) - Moving Forward on a Number of Fronts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.</li>
<li>We had written about the upcoming lockup expiry in our earlier note, <a href="https://www.smartkarma.com/insights/goto-ipo-lockup-expiry-us-13bn-lockup-release-or-in-other-words-the-real-ipo" target="_blank" data-smartkarma-citation="insights:84796" rel="noopener">GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO</a>.</li>
<li>While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.</li>
</ul>


GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.
We had written about the upcoming lockup expiry in our earlier note, GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO.
While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.


GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>In Mar 2022, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> raised around US$1bn from what was essentially a domestic Indonesian IPO. </li>
<li>GoTo has already burnt through the cash it raised from the listing and cash burn still remains high, while its cash balance is amongst the lowest in its peer set.</li>
<li>At its current cash burn pace, the company will have to come to the markets again soon.</li>
</ul>


In Mar 2022, GoTo (GOTO IJ) raised around US$1bn from what was essentially a domestic Indonesian IPO. 
GoTo has already burnt through the cash it raised from the listing and cash burn still remains high, while its cash balance is amongst the lowest in its peer set.
At its current cash burn pace, the company will have to come to the markets again soon.


2023 High Conviction - GoTo - Burnt Through All Cash From the IPO, Weakest Cash Position Among Peers

<ul>
<li>In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their lockup soon.</li>
<li>GoTo was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their lockup soon.
GoTo was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the upcoming lockup expiry.


GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Lyft had a mixed quarter and failed to meet the revenue expectations of Wall Street but managed an earnings beat.</li><li>Active drivers, active riders, and total rides everything was high.</li><li>In this quarter, the number of active users who are using Lyft displayed the strongest growth.</li></ul>

Lyft had a mixed quarter and failed to meet the revenue expectations of Wall Street but managed an earnings beat.Active drivers, active riders, and total rides everything was high.In this quarter, the number of active users who are using Lyft displayed the strongest growth.

Lyft Inc: Entry Into The Advertising Business & Other Drivers

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Grab (GRAB IJ) - Moving Forward on a Number of Fronts

Our recent update with Grab (GRAB US) management revealed a number of interesting product-led initiatives that will drive future growth and...

Angus Mackintosh

GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price. While the stock has...

Sumeet Singh

2023 High Conviction - GoTo - Burnt Through All Cash From the IPO, Weakest Cash Position Among Peers

In Mar 2022, GoTo (GOTO IJ) raised around US$1bn from what was essentially a domestic Indonesian IPO. At its current cash burn pace, the company...

Clarence Chu

GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO

In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their...

Sumeet Singh

Lyft Inc: Entry Into The Advertising Business & Other Drivers

Lyft had a mixed quarter and failed to meet the revenue expectations of Wall Street but managed an earnings beat. Active drivers, active riders,...

Baptista Research

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