External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Shopee, TTS/Tokped, and Lazada are raising seller fees by 105-154/65/ 154bps in Sep24, with new rates expected to enhance market dynamics.</li><li>The fee hikes may increase merchant costs, but the additional revenue can be reinvested in technology enhancements and driving more sales.</li><li>Capitalizing on market trends, GOTO is well-positioned as the frontrunner to be TikTok’s key partner; we reiterate Buy rating with TP of Rp90.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shopee, TTS/Tokped, and Lazada are raising seller fees by 105-154/65/ 154bps in Sep24, with new rates expected to enhance market dynamics.The fee hikes may increase merchant costs, but the additional revenue can be reinvested in technology enhancements and driving more sales.Capitalizing on market trends, GOTO is well-positioned as the frontrunner to be TikTok’s key partner; we reiterate Buy rating with TP of Rp90.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology: E-Commerce Players Raise Commissions

<ul><li>We deem the new regulation as positive and expect large ecommerce platforms to potentially benefit from having a more level playing field and possibly grab market share that will be left behind by the social commerce platforms.</li><li>On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses.</li><li>We maintain our OW rating on the sector with our top picks being GOTO (BUY, TP Rp150) and BUKA (BUY, TP Rp340).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We deem the new regulation as positive and expect large ecommerce platforms to potentially benefit from having a more level playing field and possibly grab market share that will be left behind by the social commerce platforms.On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses.We maintain our OW rating on the sector with our top picks being GOTO (BUY, TP Rp150) and BUKA (BUY, TP Rp340).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology: Potential Tailwinds from the New Regulation

<ul><li>Several macro developments may sway consumer sentiment in the coming months</li><li>Tech platforms will be the beneficiaries with improved trends in consumption and more personalized spending</li><li>GOTO is sharpening their operations and their efforts should flourish in 3Q-4Q23</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Several macro developments may sway consumer sentiment in the coming monthsTech platforms will be the beneficiaries with improved trends in consumption and more personalized spendingGOTO is sharpening their operations and their efforts should flourish in 3Q-4Q23Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Tech for innovation, personalization & prosperity

Indonesia

PT. Global Digital Niaga Tbk operates as an e-commerce platform. The Company engages in the online retail of technology products. Global Digital Niaga serves customers in Indonesia.

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Global Digital Niaga Tbk PT (BELI IJ)

Technology: E-Commerce Players Raise Commissions

Shopee, TTS/Tokped, and Lazada are raising seller fees by 105-154/65/ 154bps in Sep24, with new rates expected to enhance market dynamics.

BRI Danareksa Research

Technology: Potential Tailwinds from the New Regulation

On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses. We maintain our OW rating...

BRI Danareksa Research

Technology - Tech for innovation, personalization & prosperity

Several macro developments may sway consumer sentiment in the coming months. Tech platforms will be the beneficiaries with improved trends in...

BRI Danareksa Research

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