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/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BliBli) </a>continues to stand out from peers given a differentiated omnichannel model plus a greater portion of 1P but 3P sales are growing driven by Tiket.com.</li>
<li>TPV growth surpassed revenue growth in 1H2023 driven by Tiket.com but take rates and gross margins improved, as the company cut back on promotional spending and improved cost efficiencies. </li>
<li>BliBli booked organic growth with more users and a significant pick-up in the average order value, partially driven by Tiket.com. </li>
</ul>



Global Digital Niaga (BliBli) continues to stand out from peers given a differentiated omnichannel model plus a greater portion of 1P but 3P sales are growing driven by Tiket.com.
TPV growth surpassed revenue growth in 1H2023 driven by Tiket.com but take rates and gross margins improved, as the company cut back on promotional spending and improved cost efficiencies. 
BliBli booked organic growth with more users and a significant pick-up in the average order value, partially driven by Tiket.com. 


Global Digital Niaga (BELI IJ) - BliBli Ploughing a More Profitable Furrow

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<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> 2Q2023 results reflected some underlying slowdown but beneath the surface, the company's core marketplace business saw accelerated growth, as it stepped up investment, and margins improved concurrently. </li>
<li>The company invested in live streaming, bringing on 1m influencers in 2Q2023, likely stemming the impact of TikTok. The gaming business showed meaningful signs of recovery QoQ in 2Q2023.</li>
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<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> grew its cash reserves in 2Q2023 to US$7.7bn signifying the success of its business model. The short-term sell-off looks overdone possibly triggered by talk of quarterly losses.</li>
</ul>



Sea (SE US) 2Q2023 results reflected some underlying slowdown but beneath the surface, the company's core marketplace business saw accelerated growth, as it stepped up investment, and margins improved concurrently. 
The company invested in live streaming, bringing on 1m influencers in 2Q2023, likely stemming the impact of TikTok. The gaming business showed meaningful signs of recovery QoQ in 2Q2023.

Sea (SE US) grew its cash reserves in 2Q2023 to US$7.7bn signifying the success of its business model. The short-term sell-off looks overdone possibly triggered by talk of quarterly losses.


Sea (SE US) - Turning Up the Investment Dial

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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 (GOTO IJ)</a> released results for 2Q2023, which reflected a slower growth environment exacerbated by lower incentive spend but some significant progress towards its profitability goals for 2023.</li>
<li>The company continues to focus on maintaining high-quality users but with an increasing focus on more affordable offerings to expand its demographic reach with the potential to double its users.</li>
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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</a> is undergoing a full assessment across all divisions, with a focus on improving synergies, with new strategies for growth to be revealed next quarter.</li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) released results for 2Q2023, which reflected a slower growth environment exacerbated by lower incentive spend but some significant progress towards its profitability goals for 2023.
The company continues to focus on maintaining high-quality users but with an increasing focus on more affordable offerings to expand its demographic reach with the potential to double its users.

GoTo is undergoing a full assessment across all divisions, with a focus on improving synergies, with new strategies for growth to be revealed next quarter.


GoTo Gojek Tokopedia (GOTO IJ) - Striking a New Balance

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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</a> is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. </li>
<li>2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.</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> has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a>.</li>
</ul>



GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. 
2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.

GoTo has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with Bank Jago.


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<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>
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<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

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.

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Blibli (BELI IJ)

Global Digital Niaga (BELI IJ) - BliBli Ploughing a More Profitable Furrow

Global Digital Niaga (BliBli) continues to standout from peers given a differentiated omnichannel model plus a greater portion of 1P but 3P sales...

Angus Mackintosh

Sea (SE US) - Turning Up the Investment Dial

Sea Ltd 2Q2023 reflected an underlying slowdown but beneath the surface, the company's core marketplace business saw accelerated growth, as it...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - Striking a New Balance

GoTo released results for 2Q2023, which reflected a slower growth environment exacerbated by lower incentive spend but some significant progress...

Angus Mackintosh

GoTo (GOTO IJ) - Shifting the Needle?

GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place.

Angus Mackintosh

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

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