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/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being market leaders in auto leasing and auctions.</li>
<li>Revenues slowed in 9M2023 due to a slowdown in Anteraja because of slower e-commerce but other areas saw strong growth, especially its auction and used car business.</li>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada</a> continues to build its renamed Cargoshare end-to-end logistics business with new customers and a move into cold chain logistics. Valuations are attractive relative to growth.</li>
</ul>



Adi Sarana Armada (ASSA IJ) represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being market leaders in auto leasing and auctions.
Revenues slowed in 9M2023 due to a slowdown in Anteraja because of slower e-commerce but other areas saw strong growth, especially its auction and used car business.

Adi Sarana Armada continues to build its renamed Cargoshare end-to-end logistics business with new customers and a move into cold chain logistics. Valuations are attractive relative to growth.


Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

<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> has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok in order to create Indonesia's leading e-commerce platform.</li>
<li>There had been earlier indications that a deal was in the offing but the size of TikTok's stake was surprising plus it has committed to invest US$1.5bn in Tokopedia. </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> will retain a 24.99% non-dilutive stake and will receive an ongoing revenue stream from Tokopedia in line with its scale and growth contributing directly to its EBITDA. </li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok in order to create Indonesia's leading e-commerce platform.
There had been earlier indications that a deal was in the offing but the size of TikTok's stake was surprising plus it has committed to invest US$1.5bn in Tokopedia. 

GoTo will retain a 24.99% non-dilutive stake and will receive an ongoing revenue stream from Tokopedia in line with its scale and growth contributing directly to its EBITDA. 


<ul>
<li>
<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 (BELI IJ)</a> 3Q2023 represented the progress along the road to profitability with some intentional slowdown in growth as the shape of the 1P business changed composition.</li>
<li>The platform's 3P business booked vibrant growth driven by ongoing recovery from its OTA business under tiket.com, with the company's omnichannel business continuing to grow its physical presence. </li>
<li>
<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 Tbk PT (BELI IJ)</a> remains a differentiated player in the e-commerce space boosted by tiket.com and its offline presence brought together through its blibli tiket rewards scheme. </li>
</ul>



Global Digital Niaga (BELI IJ) 3Q2023 represented the progress along the road to profitability with some intentional slowdown in growth as the shape of the 1P business changed composition.
The platform's 3P business booked vibrant growth driven by ongoing recovery from its OTA business under tiket.com, with the company's omnichannel business continuing to grow its physical presence. 

Global Digital Niaga Tbk PT (BELI IJ) remains a differentiated player in the e-commerce space boosted by tiket.com and its offline presence brought together through its blibli tiket rewards scheme. 


Global Digital Niaga (BELI IJ) - Truly Omnichannel

<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's</a> 3Q2023 results were far more illuminating and encouraging than the last 2Qs, with more progress towards adjusted EBITDA breakeven, with much more colour on its new initiatives.</li>
<li>The company's focus on budget consumers and more affordable product offerings are already expanding its TAM and improving product density and productivity, speeding progress towards productivity. </li>
<li>GoTo will continue to invest in growth, which may mean it misses its 4Q adjusted EBITDA breakeven target but it has reduced cash burn significantly giving it more breathing space.</li>
</ul>



GoTo Gojek Tokopedia's 3Q2023 results were far more illuminating and encouraging than the last 2Qs, with more progress towards adjusted EBITDA breakeven, with much more colour on its new initiatives.
The company's focus on budget consumers and more affordable product offerings are already expanding its TAM and improving product density and productivity, speeding progress towards productivity. 
GoTo will continue to invest in growth, which may mean it misses its 4Q adjusted EBITDA breakeven target but it has reduced cash burn significantly giving it more breathing space.


GoTo Gojek Tokopedia (GOTO IJ) - New Initiatives Gaining Traction and Increasing Productivity

<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> may see a stabilisation of the declines in GTV that it has experienced over the last 2Qs, with some of the platform's new initiatives gaining traction.</li>
<li>The closure of TikTok Shop should be positive at the margin for Tokopedia but it has also rolled back its platform fee, which has had a positive impact on growth.</li>
<li>New initiatives include GoRide Transit, GoCorp, GoTo PLUS, and the GoPay app, with the latter seeing strong take-up. 3Q2023 results should reveal more details on initiatives. All-time low seems unjustified.</li>
</ul>



GoTo Gojek Tokopedia may see a stabilisation of the declines in GTV that it has experienced over the last 2Qs, with some of the platform's new initiatives gaining traction.
The closure of TikTok Shop should be positive at the margin for Tokopedia but it has also rolled back its platform fee, which has had a positive impact on growth.
New initiatives include GoRide Transit, GoCorp, GoTo PLUS, and the GoPay app, with the latter seeing strong take-up. 3Q2023 results should reveal more details on initiatives. All-time low seems unjustified.


GoTo Gojek Tokopedia (GOTO IJ) - Building Positive Resonance with New Initiatives

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)

Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

Adi Sarana Armada represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being the market...

Angus Mackintosh

GoTo (GOTO IJ) - TikTok Taking Tokopedia

GoTo Gojek Tokopedia has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok to create Indonesia's leading e-commerce...

Angus Mackintosh

Global Digital Niaga (BELI IJ) - Truly Omnichannel

Global Digital Niaga Tbk PT (BELI IJ) remains a differentiated player in the e-commerce space boosted by tiket.com and its offline presence brought...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - New Initiatives Gaining Traction and Increasing Productivity

GoTo Gojek Tokopedia's 3Q2023 results were far more illuminating and encouraging than the last 2Qs, with more progress towards adjusted EBITDA...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - Building Positive Resonance with New Initiatives

GoTo's new initiatives include GoRide Transit, GoCorp, GoTo PLUS, and the GoPay app, the latter seeing strong take-up. 3Q2023 results should see...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)