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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya</a> recently released its 1Q2023 results with net sales increasing by +29% YoY but with -20.5% decrease in net profit due to increased opex related to its expansion and inventory build.</li>
<li>The company plans to add 400 new outlets this year, lower than last year's 575, as it ramps up its newer stores, which should help to improve profitability in 2H2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya</a> continues to add to its stable of brands outside mobile handsets, including JD Sports, Wellings, Grand Lucky, The Face Shop, Paris Baguette, and has launched EraBlue with <a href="https://www.smartkarma.com/entities/mobile-world-investment-corporation" target="_blank" data-smartkarma-citation="entities:22638:1" rel="noopener">Mobile World</a>.</li>
</ul>



Erajaya recently released its 1Q2023 results with net sales increasing by +29% YoY but with -20.5% decrease in net profit due to increased opex related to its expansion and inventory build.
The company plans to add 400 new outlets this year, lower than last year's 575, as it ramps up its newer stores, which should help to improve profitability in 2H2023.

Erajaya continues to add to its stable of brands outside mobile handsets, including JD Sports, Wellings, Grand Lucky, The Face Shop, Paris Baguette, and has launched EraBlue with Mobile World.


Erajaya Swasembada (ERAA IJ) - In Ramping Up Mode

<ul>
<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

<ul>
<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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Trimegah Bangun Persada / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> priced its IPO at IDR1,250 per share to raise gross proceeds of US$660 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:97906" rel="noopener">Harita Nickel IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:98452" rel="noopener">Harita Nickel IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:98558" rel="noopener">Harita Nickel IPO: Valuation Insights</a>.  </li>
<li>Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) priced its IPO at IDR1,250 per share to raise gross proceeds of US$660 million. The shares will start trading tomorrow.
We previously discussed the IPO in Harita Nickel IPO: The Bull Case, Harita Nickel IPO: The Bear Case and Harita Nickel IPO: Valuation Insights.  
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.


Pertamina Geothermal Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO IJ)</a> priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:95013" rel="noopener">Pertamina Geothermal IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:95096" rel="noopener">Pertamina Geothermal IPO: Valuation Insights</a>. </li>
<li>Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.</li>
</ul>



Pertamina Geothermal Energy (PGEO IJ) priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.
We previously discussed the IPO in Pertamina Geothermal IPO: The Investment Case and Pertamina Geothermal IPO: Valuation Insights. 
Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.


Indonesia

PT Global Digital Niaga Tbk, doing business as Blibli, is a leading Indonesian omnichannel commerce and lifestyle ecosystem. The company operates an e-commerce platform offering a wide array of products, including electronics, household goods, fashion, and fresh produce, and also provides travel and accommodation services through tiket.com. Blibli integrates online and offline shopping experiences through its e-commerce platform and physical stores, including supermarket brands like Ranch Market and Farmers Market. Headquartered in Kudus, Indonesia, Blibli was founded in 2010.

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

Blibli (BELI IJ)

Erajaya Swasembada (ERAA IJ) - In Ramping Up Mode

Erajaya plans to slow its store build-out this year, as it ramps up its new outlets helping to improve profitability, with strong sales performance...

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

GoTo (GOTO IJ) - Foundations Laid for Profitable Growth

GoTo 1Q2023 numbers were impressive with the group now contribution margin positive for all its divisions plus making good headway towards positive...

Angus Mackintosh

Harita Nickel IPO: Trading Debut

Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains...

Arun George

Pertamina Geothermal IPO: Trading Debut

Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)