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

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<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</a>'s 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.</li>
<li>The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GOTO</a> remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. </li>
</ul>



GoTo Gojek Tokopedia's 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.
The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. 


GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

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<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a> has announced that it will tie up with <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> to source 50,000 EVs for its ride-hailing fleet, which will help to address car and driver shortages.</li>
<li>Drivers will be able to buy the vehicles at favourable prices, with competitive financing packages. Grab's technology will be built-in to improve driver performance and provide data to improve services. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is also stepping up its efforts in insurance, winning general insurance licences in Singapore and Malaysia, allowing it to offer tailored insurance products to drivers initially but customers later.</li>
</ul>



Grab Holdings has announced that it will tie up with BYD (1211 HK) to source 50,000 EVs for its ride-hailing fleet, which will help to address car and driver shortages.
Drivers will be able to buy the vehicles at favourable prices, with competitive financing packages. Grab's technology will be built-in to improve driver performance and provide data to improve services. 

Grab is also stepping up its efforts in insurance, winning general insurance licences in Singapore and Malaysia, allowing it to offer tailored insurance products to drivers initially but customers later.


Grab Holdings (GRAB IJ) - New Fleets and Finance

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<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</a> remains optimistic for the coming year, with increasing focus on converting hemat users to take up more premium products and it expands its suite of fintech offerings. </li>
<li>Focus on profitability will remain core, with an emphasis on product-led initiatives such as GoFood Plus and GoFood Express, and increasing emphasis on growing its fintech offering across products. </li>
<li>GoTo is increasingly using AI to improve both the customer experience and improve efficiencies. Advertising will increasingly become a tool to improve take rates with Tokopedia providing valuable cash flow.  </li>
</ul>



GoTo Gojek Tokopedia remains optimistic for the coming year, with increasing focus on converting hemat users to take up more premium products and it expands its suite of fintech offerings. 
Focus on profitability will remain core, with an emphasis on product-led initiatives such as GoFood Plus and GoFood Express, and increasing emphasis on growing its fintech offering across products. 
GoTo is increasingly using AI to improve both the customer experience and improve efficiencies. Advertising will increasingly become a tool to improve take rates with Tokopedia providing valuable cash flow.  


GoTo Gojek Tokopedia (GOTO IJ) - Barbell Strategies and Fintech to Dominate in 2025

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<li>A company visit with <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.</li>
<li>There is increasing caution amongst customers around the soft economy and the risk of more aggressive tax collection in 2025, reflected in strong growth in holdings of government bonds.</li>
<li>A company visit with <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.</li>
</ul>


A company visit with Bank Central Asia (BBCA IJ) in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.
There is increasing caution amongst customers around the soft economy and the risk of more aggressive tax collection in 2025, reflected in strong growth in holdings of government bonds.
A company visit with Bank Central Asia (BBCA IJ) in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.


Bank Central Asia (BBCA IJ) - Tempering 2025 Expectations

<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</a> 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY, and 3Q2024 group-adjusted EBITDA in positive territory. </li>
<li>The fintech segment saw outstanding loans up 3x in 3Q2024 but NPLs remained low at around 1%, with the segment expected to breakeven by 4Q2024, one year ahead of expectations.</li>
<li>On-Demand services saw strong growth and improved profitability, driven by increasing MTUs through hemat products and the rollout of more premium product offerings. Expect adjusted EBITDA breakeven for FY2024 . </li>
</ul>



GoTo Gojek Tokopedia 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY, and 3Q2024 group-adjusted EBITDA in positive territory. 
The fintech segment saw outstanding loans up 3x in 3Q2024 but NPLs remained low at around 1%, with the segment expected to breakeven by 4Q2024, one year ahead of expectations.
On-Demand services saw strong growth and improved profitability, driven by increasing MTUs through hemat products and the rollout of more premium product offerings. Expect adjusted EBITDA breakeven for FY2024 . 


GoTo Gojek Tokopedia (GOTO IJ) - Fintech Leading The Charge

Indonesia

PT Bank Jago Tbk is an Indonesian digital banking institution that provides innovative financial solutions for individuals and businesses, with a focus on enhancing financial management through its Jago and Jago Syariah applications. The bank offers various funding and lending products, including savings accounts, time deposits, and different types of credit, catering to conventional and Sharia-compliant needs. It is headquartered in Jakarta, Indonesia, and was founded in 1992.

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Bank Jago (ARTO IJ)

GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from...

Angus Mackintosh

Grab Holdings (GRAB IJ) - New Fleets and Finance

Grab will tie up with BYD to source 50,000 EVs for its ride-hailing fleet, helping to address car and driver shortages plus Superbank is seeking an...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - Barbell Strategies and Fintech to Dominate in 2025

GoTo Gojek Tokopedia remains optimistic for the coming year, with an increasing focus on converting hemat users to take up more premium products...

Angus Mackintosh

Bank Central Asia (BBCA IJ) - Tempering 2025 Expectations

A company visit with Bank Central Asia (BBCA IJ) in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - Fintech Leading The Charge

GoTo Gojek Tokopedia 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY,...

Angus Mackintosh

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