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.

Equity Capital Markets

Bukalapak.com PT Tbk / Equity Capital Markets

<ul>
<li>Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.</li>
<li>Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.</li>
<li>The pre-IPO shareholders will be released from the lockup on 6th April 2022.</li>
</ul>


Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.
Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.
The pre-IPO shareholders will be released from the lockup on 6th April 2022.


Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

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

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a> booked an encouraging set of 1Q2024 results which provided a first look at the new structure, whereby suddenly e-commerce became cashflow positive for the company. </li>
<li>The company booked strong headline growth with core GMV increasing by +32% YoY, despite incentive &amp; product spending decreasing by -31% YoY, whilst adjusted EBITDA losses fell -89% YoY. </li>
<li>GoTo will drive growth less through incentives and more through innovative products, increasing the user base, and focusing on retention through its subscription products, with fintech becoming increasingly important. </li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) booked an encouraging set of 1Q2024 results which provided a first look at the new structure, whereby suddenly e-commerce became cashflow positive for the company. 
The company booked strong headline growth with core GMV increasing by +32% YoY, despite incentive &amp; product spending decreasing by -31% YoY, whilst adjusted EBITDA losses fell -89% YoY. 
GoTo will drive growth less through incentives and more through innovative products, increasing the user base, and focusing on retention through its subscription products, with fintech becoming increasingly important. 


GoTo Gojek Tokopedia (GOTO IJ) - Metamorphosis

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>Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.</li><li>Positive CM trends reflect improved cash burn control and marketing costs, as players balance competition and service adoption.</li><li>We maintain an OW rating, supported by solid GMV growth and improving EBITDA margin-to-GTV trajectories; our top pick is GOTO.</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.

Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.Positive CM trends reflect improved cash burn control and marketing costs, as players balance competition and service adoption.We maintain an OW rating, supported by solid GMV growth and improving EBITDA margin-to-GTV trajectories; our top pick is GOTO.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: 2025 Outlook: Solid Growth Outlook with Better Fundamentals

<ul><li>GOTO is building a first mover advantage to become the preferred provider for Tiktok/Tokped (TTTP) and its 138mn/18mn user base.</li><li>FY24F ODS growth guidance of ~15% offers upside; together with TTTP fee positive EBITDA, GOTO can turn Gopay into a robust lending engine.</li><li>We cut our adj. FY24/25F EBITDA by 55%/35% on higher Fintech costs (0.54% of GTV vs 0.34% prev.); Maintain Buy with a lower TP of Rp120.</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.

GOTO is building a first mover advantage to become the preferred provider for Tiktok/Tokped (TTTP) and its 138mn/18mn user base.FY24F ODS growth guidance of ~15% offers upside; together with TTTP fee positive EBITDA, GOTO can turn Gopay into a robust lending engine.We cut our adj. FY24/25F EBITDA by 55%/35% on higher Fintech costs (0.54% of GTV vs 0.34% prev.); Maintain Buy with a lower TP of Rp120.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.

GOTO Gojek Tokopedia - Aiming for Leadership in the Fintech Market

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a> 4Q2023 results revealed another sequential increase in GTV and positive adjusted EBITDA for both ODS and e-commerce, despite reduced incentive and marketing spending.</li>
<li>GoTo achieved positive top-line growth by expanding its total addressable market through more affordable products and a strong performance from consumer lending in fintech, coupled with great cash cost efficiencies.</li>
<li>2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter that can be used to drive growth.</li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) 4Q2023 results revealed another sequential increase in GTV and positive adjusted EBITDA for both ODS and e-commerce, despite reduced incentive and marketing spending.
GoTo achieved positive top-line growth by expanding its total addressable market through more affordable products and a strong performance from consumer lending in fintech, coupled with great cash cost efficiencies.
2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter that can be used to drive growth.


GoTo Gojek Tokopedia (GOTO IJ) - Warming Up the New Engines of Growth

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.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

GoTo Gojek Tokopedia (GOTO IJ) - Metamorphosis

GoTo will drive growth less through incentives but more through innovative products, user base, and retention through its subscription products,...

Angus Mackintosh

Technology: 2025 Outlook: Solid Growth Outlook with Better Fundamentals

Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.

BRI Danareksa Research

GOTO Gojek Tokopedia - Aiming for Leadership in the Fintech Market

GOTO is building a first mover advantage to become the preferred provider for Tiktok/Tokped (TTTP) and its 138mn/18mn user base. FY24F ODS growth...

BRI Danareksa Research

GoTo Gojek Tokopedia (GOTO IJ) - Warming Up the New Engines of Growth

2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter...

Angus Mackintosh

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Market Cap (USDm)

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Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range. The pre-IPO shareholders will be released...

Sumeet Singh

GoTo Gojek Tokopedia (GOTO IJ) - Metamorphosis

GoTo will drive growth less through incentives but more through innovative products, user base, and retention through its subscription products,...

Angus Mackintosh

Technology: 2025 Outlook: Solid Growth Outlook with Better Fundamentals

Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.

BRI Danareksa Research

GOTO Gojek Tokopedia - Aiming for Leadership in the Fintech Market

GOTO is building a first mover advantage to become the preferred provider for Tiktok/Tokped (TTTP) and its 138mn/18mn user base. FY24F ODS growth...

BRI Danareksa Research

GoTo Gojek Tokopedia (GOTO IJ) - Warming Up the New Engines of Growth

2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter...

Angus Mackintosh