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>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> held its AGM this week, which effectively repeated the messages from its 1Q2022 results including guidance for FY2022 but there is more excitement beneath the headline numbers.</li>
<li>One key metric tracked by management is the contribution margin, which is moving towards positive territory put take rates will improve for both Mitra and through its specialty store strategy. </li>
<li>AlloFresh has launched and is testing the offline line efficiencies before being applied to Mitra partners and AlloBank has also started its digital journey. <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a> looks cheap. </li>
</ul>



Bukalapak (BUKA IJ) held its AGM this week, which effectively repeated the messages from its 1Q2022 results including guidance for FY2022 but there is more excitement beneath the headline numbers.
One key metric tracked by management is the contribution margin, which is moving towards positive territory put take rates will improve for both Mitra and through its specialty store strategy. 
AlloFresh has launched and is testing the offline line efficiencies before being applied to Mitra partners and AlloBank has also started its digital journey. Bukalapak looks cheap. 


Bukalapak (BUKA IJ) - Track the Execution Not the Headlines

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> 1Q2022 results were all about execution, with significant improvements in take-rates for its Mitra business, and even more so for its marketplace segment. </li>
<li>The launch of AlloFresh and <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> will add some further depth and breadth to the platform's product offering and help to accerlate the move towards profitabilty.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> looks like an increasingly interesting way to play the Indonesian digital economy with an expanding ecosystem and increasing take-rates at the same time. </li>
</ul>



Bukalapak (BUKA IJ) 1Q2022 results were all about execution, with significant improvements in take-rates for its Mitra business, and even more so for its marketplace segment. 
The launch of AlloFresh and Allo Bank Indonesia will add some further depth and breadth to the platform's product offering and help to accerlate the move towards profitabilty.

Bukalapak (BUKA IJ) looks like an increasingly interesting way to play the Indonesian digital economy with an expanding ecosystem and increasing take-rates at the same time. 


Bukalapak (BUKA IJ) - Higher Take Rates and Better Quality Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak's (BUKA IJ)</a> results saw very strong growth from its Mitra Business, with a much slower marketplace but we see the latter picking up as its specialty strategy is developed. </li>
<li>The launch of both <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> and Allo Fresh over the next two quarters should provide some excitement, whilst its gaming marketplace Itemku is already profitable. </li>
<li>Take rates should improve in 2022 as <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> offers a broadening array of services across its Mitra and marketplace verticals. Valuations look attractive versus peers. </li>
</ul>



Bukalapak's (BUKA IJ) results saw very strong growth from its Mitra Business, with a much slower marketplace but we see the latter picking up as its specialty strategy is developed. 
The launch of both Allo Bank Indonesia and Allo Fresh over the next two quarters should provide some excitement, whilst its gaming marketplace Itemku is already profitable. 
Take rates should improve in 2022 as Bukalapak (BUKA IJ) offers a broadening array of services across its Mitra and marketplace verticals. Valuations look attractive versus peers. 


Bukalapak (BUKA IJ) - Increasing Clarity with a Focus on Category Leadership

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> is rapidly broadening its exposure to a greater range of services, with the latest move increasing its exposure to gaming, a potential future cash cow. </li>
<li>We have already seen <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> making bold moves into digital banking through <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> and a direct commitment to online groceries through AlloFresh with Trans Retail Indonesia.</li>
<li>We continue to focus on the improving fundamentals of <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> and its growing ecosystem and would use any short-term trading anomalies to accumulate the stock.</li>
</ul>



Bukalapak (BUKA IJ) is rapidly broadening its exposure to a greater range of services, with the latest move increasing its exposure to gaming, a potential future cash cow. 
We have already seen Bukalapak (BUKA IJ) making bold moves into digital banking through Allo Bank Indonesia and a direct commitment to online groceries through AlloFresh with Trans Retail Indonesia.
We continue to focus on the improving fundamentals of Bukalapak (BUKA IJ) and its growing ecosystem and would use any short-term trading anomalies to accumulate the stock.


Bukalapak (BUKA IJ) - Building a Warchest of Ecosystems

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> continues to expand the range of products it offers to its Mitras including logistics services and financial products but it is now extending more service to merchants.</li>
<li>The platform's Storefront offering aims to enable merchants which often operate through social commerce channels to improve their ability to attract and maintain customers and to facilitate payments and logistics.</li>
<li>The <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank</a> stake was bought at 1.7x PBV and will grow through an ecosystem of 100m potential customers. <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> looks like value with positive newsflow. </li>
</ul>



Bukalapak (BUKA IJ) continues to expand the range of products it offers to its Mitras including logistics services and financial products but it is now extending more service to merchants.
The platform's Storefront offering aims to enable merchants which often operate through social commerce channels to improve their ability to attract and maintain customers and to facilitate payments and logistics.
The Allo Bank stake was bought at 1.7x PBV and will grow through an ecosystem of 100m potential customers. Bukalapak (BUKA IJ) looks like value with positive newsflow. 


Bukalapak (BUKA IJ) - Storefronts, Specialty, and Financing

Indonesia

PT Allo Bank Indonesia Tbk is an Indonesia-based digital bank providing a wide array of banking products and services. Its offerings include digital savings accounts like Allo Prime and Allo Grow, e-money products Allo Pay and Allo Pay+, digital credit through PayLater and Instant Cash, and digital time deposits. The bank also facilitates fund transfers, cardless cash withdrawals, QRIS payments, and biller payment services. Allo Bank Indonesia was founded in 1992 and is headquartered in Jakarta, Indonesia.

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Allo Bank Indonesia (BBHI IJ)

Bukalapak (BUKA IJ) - Track the Execution Not the Headlines

Bukalapak held its AGM this week, which effectively repeated the messages from its 1Q2022 results including guidance for FY2022 but there is a lot...

Angus Mackintosh

Bukalapak (BUKA IJ) - Higher Take Rates and Better Quality Growth Ahead

Bukalapak (BUKA IJ) looks like an increasingly interesting way to play the Indonesian digital economy with an expanding ecosystem and increasing...

Angus Mackintosh

Bukalapak (BUKA IJ) - Increasing Clarity with a Focus on Category Leadership

Take rates should improve in 2022, as Bukalapak offers a broadening array of services across its Mitra and marketplace verticals, with valuations...

Angus Mackintosh

Bukalapak (BUKA IJ) - Building a Warchest of Ecosystems

We continue to focus on the improving fundamentals of Bukalapak and its growing ecosystem and would use any short-term trading anomalies to...

Angus Mackintosh

Bukalapak (BUKA IJ) - Storefronts, Specialty, and Financing

Bukalapak (BUKA IJ) continues to expand the range of products it offers to its Mitras including logistics services and financial products but it is...

Angus Mackintosh

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52-week Range

Market Cap (USDm)

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