Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Amman Mineral Internasional / Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is offering 7.288bn shares in its IPO at a price range of IDR 1650-1775/share to raise between US$808-870m and valuing the company between US$8.08-8.7bn.</li>
<li>The stock will not get fast entry to global indices or local Indonesia indices (IDX30 Index/ LQ45 Index/ IDX80 Index).</li>
<li>With listing planned for 5 July, the earliest index inclusion will be in December and there are no near-term passive flows expected for the stock.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is offering 7.288bn shares in its IPO at a price range of IDR 1650-1775/share to raise between US$808-870m and valuing the company between US$8.08-8.7bn.
The stock will not get fast entry to global indices or local Indonesia indices (IDX30 Index/ LQ45 Index/ IDX80 Index).
With listing planned for 5 July, the earliest index inclusion will be in December and there are no near-term passive flows expected for the stock.


Amman Mineral IPO: Offering Details & Index Inclusion

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/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFC Indonesia (NFCX IJ)</a> provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. </li>
<li>The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.</li>
<li>
<a href="https://www.smartkarma.com/entities/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFCX</a> is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.</li>
</ul>



NFC Indonesia (NFCX IJ) provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. 
The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.

NFCX is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.


NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

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<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> released a Newsletter for May which reiterated its progress toward profitability as well as some key initiatives including increasing service fees and expanding use cases for GoPay Coins rewards.   </li>
<li>The newsletter also highlighted the release of the Annual Report and its Sustainability report, which are both important documents for longer-term and increasingly ESG-focused investors. </li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> also highlights a report from the University of Indonesia regarding the company's socioeconomic impact in the country, which remains huge given its socio-economic reach through ODS and Tokopedia. </li>
</ul>



GoTo released a Newsletter for May which reiterated its progress toward profitability as well as some key initiatives including increasing service fees and expanding use cases for GoPay Coins rewards.   
The newsletter also highlighted the release of the Annual Report and its Sustainability report, which are both important documents for longer-term and increasingly ESG-focused investors. 

GoTo also highlights a report from the University of Indonesia regarding the company's socioeconomic impact in the country, which remains huge given its socio-economic reach through ODS and Tokopedia. 


GoTo (GOTO IJ) - Key Initiatives and Foundations

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<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> announced 1Q2023 results with encouragingly strong headline growth coupled with even stronger revenues as take rates increased, with its marketplace being the standout driven by specialty verticals. </li>
<li>Mitra Bukalapak also registered solid growth, with increasing active Mitra's with greater frequency, higher take rates, and an improvement in contribution margin which should turn positive over the next 2Qs. </li>
<li>Take rates should continue to improve as the specialty businesses pick up momentum, and once the Mitra business turns CM positive, growth in that segment will also accelerate.</li>
</ul>



Bukalapak (BUKA IJ) announced 1Q2023 results with encouragingly strong headline growth coupled with even stronger revenues as take rates increased, with its marketplace being the standout driven by specialty verticals. 
Mitra Bukalapak also registered solid growth, with increasing active Mitra's with greater frequency, higher take rates, and an improvement in contribution margin which should turn positive over the next 2Qs. 
Take rates should continue to improve as the specialty businesses pick up momentum, and once the Mitra business turns CM positive, growth in that segment will also accelerate.


Bukalapak (BUKA IJ) - Specialty Hits Home

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<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> 1Q2023 were impressive given the group is now contribution margin positive for all its divisions plus making good headway towards positive Adjusted EBITDA by 4Q2023. </li>
<li>This came at a cost with substantial QoQ declines in GTV for both ODS and e-commerce but better take rates offset this decline. Further significant declines may raise concerns.</li>
<li>GoTo Logistics and GoPay's lending business are key foundational focus areas to underpin a lower cost to serve and higher future growth. Valuations remain reasonable relative to peers. </li>
</ul>



GoTo (GOTO IJ) 1Q2023 were impressive given the group is now contribution margin positive for all its divisions plus making good headway towards positive Adjusted EBITDA by 4Q2023. 
This came at a cost with substantial QoQ declines in GTV for both ODS and e-commerce but better take rates offset this decline. Further significant declines may raise concerns.
GoTo Logistics and GoPay's lending business are key foundational focus areas to underpin a lower cost to serve and higher future growth. Valuations remain reasonable relative to peers. 


GoTo (GOTO IJ) - Foundations Laid for Profitable Growth

Indonesia

Bukalapak is an Indonesian technology company that operates an all-commerce platform, focusing on empowering micro, small, and medium enterprises (MSMEs) and individual sellers. It has transformed from primarily an online marketplace for physical products to concentrating on four main business lines: Mitra Bukalapak (O2O MSME empowerment program), gaming, investment, and retail. The company was founded in 2010 and is headquartered in Jakarta, Indonesia.

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Bukalapak (BUKA IJ)

Amman Mineral IPO: Offering Details & Index Inclusion

Amman Mineral is offering 7.29bn shares in its IPO at a price range of IDR 1650-1775/share to raise between US$808-870m & valuing the company...

Brian Freitas

NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

NFC Indonesia provides exposure to Indonesia's O2O ecosystem as a digital product aggregator, FMCG supplier, and advertiser, covering MT, GT, and e...

Angus Mackintosh

GoTo (GOTO IJ) - Key Initiatives and Foundations

GoTo released a Newsletter for May which reiterated its progress toward profitability as well as some key initiatives including increasing service...

Angus Mackintosh