ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Thematic (Sector/Industry)

<ul>
<li>Three Indo unicorns (so far) are Go-Jek, Tokopedia, and Traveloka (commonly abbreviated as GTT).</li>
<li>However, the cash burn rates especially for e-commerce and ride hailing sub-sectors remain high.</li>
<li>The next frontiers are digital payment (e-wallet) and online lending (P2P) platforms.</li>
<li>
<a href="https://www.smartkarma.com/entities/8509" target="_blank" data-smartkarma-citation="entities:8509:1">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/7752" target="_blank" data-smartkarma-citation="entities:7752:1">Elang Mahkota Teknologi Tbk (EMTK IJ)</a> are the closest plays on these disruptive sub-sectors.</li>
</ul><p>Over past week, we managed to talk to a few industry sources pertaining to Indonesia's internet/online start-up…</p>


Three Indo unicorns (so far) are Go-Jek, Tokopedia, and Traveloka (commonly abbreviated as GTT).
However, the cash burn rates especially for e-commerce and ride hailing sub-sectors remain high.
The next frontiers are digital payment (e-wallet) and online lending (P2P) platforms.

Sea Ltd (SE US) and Elang Mahkota Teknologi Tbk (EMTK IJ) are the closest plays on these disruptive sub-sectors.
Over past week, we managed to talk to a few industry sources pertaining to Indonesia's internet/online start-up…

Indo Internet Sector: Local Unicorns And Next Frontiers

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

<p>In a joint research between Google, the world's search titan with more than 99% market share of search in Thailand, and Temasek, the mighty sovereign wealth fund of Singapore, they highlight a few interesting points about e-commerce in the region. <em>MCorp Review </em>has received several questions regarding e-commerce in Thailand. While this study is not that helpful in answering questions on individual countries, it does help us see the big picture in which we operate in yo.</p><table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td>Business</td>
<td style="text-align: center;">Shr pr</td>
</tr>
</tbody></table>…

In a joint research between Google, the world's search titan with more than 99% market share of search in Thailand, and Temasek, the mighty sovereign wealth fund of Singapore, they highlight a few interesting points about e-commerce in the region. MCorp Review has received several questions regarding e-commerce in Thailand. While this study is not that helpful in answering questions on individual countries, it does help us see the big picture in which we operate in yo.

Stocks
Business
Shr pr

…

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

Indo Internet Sector: Local Unicorns And Next Frontiers

Three Indo unicorns (so far) are Go-Jek, Tokopedia, and Traveloka (commonly abbreviated as GTT). However, the cash burn rates especially for...

Johannes Salim, CFA

Googling ASEAN E-Commerce

In a joint research between Google, the world's search titan with more than 99% market share of search in Thailand, and Temasek, the mighty...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)