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

<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> booked a -23.6% Yoy decline in sales in 1Q2021, as SSSG declined by -36.4% YoY in 1Q2021 but an even greater -37.4% versus 1Q2019, which management is increasingly using as a benchmark. </p>
<p>The company saw its gross profit declined by -24.2% YoY in 1Q2021 and -41.0% versus 1Q2019 but there was some respite from the higher average basket size. </p>
<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a>  suffered a net loss of (IDR95.4bn) during the 1Q2021 versus a profit of IDR143bn in 1Q2019. </p>
<p>In terms of geography,  Greater Jakarta saw the continuing impact from PSBB restriction and Sumatra was the best performing area. Segment-wise, children's clothing was the least impacted, whilst women's clothing and cosmetics saw the worst impact during 1Q2021.</p>
<p>The company operated a total of 147 stores in 1Q2021, with 23 of those on its watchlist for potential closure and 13 of those due to close after Lebaran.</p>
<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> is well prepared for the Lebaran festive period, which will likely be shorter than normal.  It has got its merchandise in early ahead of Lebaran given that mobility restrictions have been tightened over the holiday period.</p>
<p>The company continues to build on its Matahari Rewards program with 6.6m active members as of the end of March 2021.</p>
<section class="figure">
<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> continues to see increasing sales through digital channels but it is still working on its platform upgrade so the contribution remains relatively small.</p>
<p>The outlook is relatively uncertain for <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> with a shorter and more restrictive Lebaran period ahead, which is normally the peak season for the company's customer base to shop</p>
<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> looks cheap versus its peers but there remain risks to earnings over the Lebaran, which management openly admits are difficult to predict. Longer-term the recovery is likely to be protracted given further store closures and a lack of major sales through digital channels.</p>
<p>Valuations look relatively attractive versus history with the company trading on 13.1x FY21E PER and 7.2x FY22E PER versus its 5-year average forward PER of 12x but we would buy on weakness given some potentially choppy waters ahead.</p>
<div style="text-align: center;" class="content-remarks">
<p style="text-align: left;"></p>
</div>
</section>

Matahari Department Store (LPPF IJ) booked a -23.6% Yoy decline in sales in 1Q2021, as SSSG declined by -36.4% YoY in 1Q2021 but an even greater -37.4% versus 1Q2019, which management is increasingly using as a benchmark. 
The company saw its gross profit declined by -24.2% YoY in 1Q2021 and -41.0% versus 1Q2019 but there was some respite from the higher average basket size. 
Matahari Department Store (LPPF IJ)  suffered a net loss of (IDR95.4bn) during the 1Q2021 versus a profit of IDR143bn in 1Q2019. 
In terms of geography,  Greater Jakarta saw the continuing impact from PSBB restriction and Sumatra was the best performing area. Segment-wise, children's clothing was the least impacted, whilst women's clothing and cosmetics saw the worst impact during 1Q2021.
The company operated a total of 147 stores in 1Q2021, with 23 of those on its watchlist for potential closure and 13 of those due to close after Lebaran.
Matahari Department Store (LPPF IJ) is well prepared for the Lebaran festive period, which will likely be shorter than normal.  It has got its merchandise in early ahead of Lebaran given that mobility restrictions have been tightened over the holiday period.
The company continues to build on its Matahari Rewards program with 6.6m active members as of the end of March 2021.

Matahari Department Store (LPPF IJ) continues to see increasing sales through digital channels but it is still working on its platform upgrade so the contribution remains relatively small.
The outlook is relatively uncertain for Matahari Department Store (LPPF IJ) with a shorter and more restrictive Lebaran period ahead, which is normally the peak season for the company's customer base to shop
Matahari Department Store (LPPF IJ) looks cheap versus its peers but there remain risks to earnings over the Lebaran, which management openly admits are difficult to predict. Longer-term the recovery is likely to be protracted given further store closures and a lack of major sales through digital channels.
Valuations look relatively attractive versus history with the company trading on 13.1x FY21E PER and 7.2x FY22E PER versus its 5-year average forward PER of 12x but we would buy on weakness given some potentially choppy waters ahead.





Matahari Department Store (LPPF IJ) - Uncertain Waters Ahead of Lebaran

Private Capital Markets

<p><a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a> has confirmed that it has hired Morgan Stanley and Citigroup as advisers to help accelerate its plan to go public. The company has not yet decided which route to take to come to market, whether through a straightforward IPO or a SPAC listing, potentially through Richard Li and Peter Thiel's Bridgetown Holdings Ltd.</p>
<p>The company had previously stated that it would definitely seek a listing in its home market of Indonesia, with a potential dual listing in the US, although these statements were made pre-pandemic. </p>
<p>Valuations for <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a> range from US$8-10bn, although after the last round of funding it was valued at US$7.5bn, making it Indonesia's second most valuation start-up after <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a>, which was last valued at US$10bn.</p>
<p>An IPO would help the company realize a higher valuation, providing a currency to drive future growth, given it would be an alternative to <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US), </a>as the number 2 e-commerce player in Indonesia. <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> trades at 13x FY21E EV/Sales currently and just raised more than US$2bn through a placement of new ADS's. We look at <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a> and its positioning in more detail below the fold. </p>

Tokopedia PT (1087142D IJ) has confirmed that it has hired Morgan Stanley and Citigroup as advisers to help accelerate its plan to go public. The company has not yet decided which route to take to come to market, whether through a straightforward IPO or a SPAC listing, potentially through Richard Li and Peter Thiel's Bridgetown Holdings Ltd.
The company had previously stated that it would definitely seek a listing in its home market of Indonesia, with a potential dual listing in the US, although these statements were made pre-pandemic. 
Valuations for Tokopedia PT (1087142D IJ) range from US$8-10bn, although after the last round of funding it was valued at US$7.5bn, making it Indonesia's second most valuation start-up after Gojek (1379371D IJ), which was last valued at US$10bn.
An IPO would help the company realize a higher valuation, providing a currency to drive future growth, given it would be an alternative to Sea Ltd (SE US), as the number 2 e-commerce player in Indonesia. Sea Ltd (SE US) trades at 13x FY21E EV/Sales currently and just raised more than US$2bn through a placement of new ADS's. We look at Tokopedia PT (1087142D IJ) and its positioning in more detail below the fold. 

Tokopedia PT (1087142D IJ) - From Private to Public by Hook or by Crook

<p>Leading Indonesian retailer <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> released its 9M2020 results last week, with sales down by -34% to IDR10.2tn for 9M2020 but the group's e-commerce sales increased by +394% over the period, signaling huge success in the company's omnichannel strategy </p>
<p>3Q2020 net revenue saw a much better performance with a +62.1% QoQ increase in net sales to IDR3.4tn against IDR1.1tn in 2Q2020, in spite of continuing measures imposed by the government in Jakarta to restrict movement and mall traffic in the face of the pandemic (PSBB).</p>
<p>The improvement in sales comes across all business segments with especially strong growth in digital sales from MAPEMALL, Zara, Planet Sports, and DigiMAP. </p>
<section class="figure">The group's 3Q2020 numbers were further impacted due to pre-planned measures to clear aging inventory and also higher supply chain costs due to the pandemic, and some short-term staff cost increases. </section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure">Digital sales also remained elevated even after store openings, boosted by targeted shopper marketing via MAP Club, as well as exclusive product launches across sports, fashion, and F&amp;B platforms.</section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> aims to run a 360 degree retail model covering sports, fashion, health, beauty, F&amp;B, and convenience stores, as well as a product mix from value to premium price points, brought together under the company's MAP Club Loyalty App.</section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure">
<section class="figure"></section>
<div class="content-highlight">
<p>The company expects continuing momentum into the 4Q2020, which will help to confirm the ongoing recovery and we would also expect margins to improve given less need for discounting, with a healthier inventory position.</p>
<p><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> trades on 22.6x FY21E PER and 15x FY22E PER and it continues to be one of our top picks for the recovery in Indonesia, with a significant increase in exposure to e-commerce and a gradual broadening of it South East Asian exposure, including Vietnam, Thailand, and the Philippines.</p>
</div>
</section>

Leading Indonesian retailer Mitra Adiperkasa (MAPI IJ) released its 9M2020 results last week, with sales down by -34% to IDR10.2tn for 9M2020 but the group's e-commerce sales increased by +394% over the period, signaling huge success in the company's omnichannel strategy 
3Q2020 net revenue saw a much better performance with a +62.1% QoQ increase in net sales to IDR3.4tn against IDR1.1tn in 2Q2020, in spite of continuing measures imposed by the government in Jakarta to restrict movement and mall traffic in the face of the pandemic (PSBB).
The improvement in sales comes across all business segments with especially strong growth in digital sales from MAPEMALL, Zara, Planet Sports, and DigiMAP. 
The group's 3Q2020 numbers were further impacted due to pre-planned measures to clear aging inventory and also higher supply chain costs due to the pandemic, and some short-term staff cost increases. 





Digital sales also remained elevated even after store openings, boosted by targeted shopper marketing via MAP Club, as well as exclusive product launches across sports, fashion, and F&amp;B platforms.






Mitra Adiperkasa (MAPI IJ) aims to run a 360 degree retail model covering sports, fashion, health, beauty, F&amp;B, and convenience stores, as well as a product mix from value to premium price points, brought together under the company's MAP Club Loyalty App.









The company expects continuing momentum into the 4Q2020, which will help to confirm the ongoing recovery and we would also expect margins to improve given less need for discounting, with a healthier inventory position.
Mitra Adiperkasa (MAPI IJ) trades on 22.6x FY21E PER and 15x FY22E PER and it continues to be one of our top picks for the recovery in Indonesia, with a significant increase in exposure to e-commerce and a gradual broadening of it South East Asian exposure, including Vietnam, Thailand, and the Philippines.



Mitra Adiperkasa (MAPI IJ) - Digitally Remastered

<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> hosted a business initiatives update for analysts last week, which provided some interesting updates on performance and fresh strategies, as we approach the end of the year. Apart from an update on sales, store closures and discontinued brands, the key initiatives discussed included the launch of a brand new Matahari.com and the collaboration with <a href="https://www.smartkarma.com/entities/bank-nationalnobu-tbk-pt" target="_blank" data-smartkarma-citation="entities:17016:1" rel="noopener">Bank Nationalnobu (NOBU IJ)</a> to provide branchless banking. </p>
<p>There has been a choppy sales recovery since the end of 3Q2020 partly due to the fact that 42 out of 153 stores are still under transition from the last set of PSBB measures.</p>
<p>There has been a mixed performance across different departments with casual wear and children's wear performing well but formalwear, travel, and cosmetics underperforming. </p>
<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> has discontinued seven direct-purchase (DP) brands and intends to write down the stock in these brands by the end of the year. </p>
<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener"></a>The company intends to close a further six stores this year bringing the total number by the end of the year to 147 stores. There is a freeze on any new store openings next year with 23 stores under observation. </p>
<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> only last week has launched its brand new Matahari.com, which is at its early stages and will be ramped up slowly as part of the company's omnichannel strategy.  </p>
<p>A key discussion point and the subject of a large portion of the questions in the recent analyst call was regarding the strategy behind the company's tie-up with <a href="https://www.smartkarma.com/entities/bank-nationalnobu-tbk-pt" target="_blank" data-smartkarma-citation="entities:17016:1" rel="noopener">Bank Nationalnobu (NOBU IJ)</a> to provide branchless banking services within Matahari stores. <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> has taken a 16.41% direct stake in <a href="https://www.smartkarma.com/entities/bank-nationalnobu-tbk-pt" target="_blank" data-smartkarma-citation="entities:17016:1" rel="noopener">Bank Nationalnobu (NOBU IJ)</a>.</p>
<p>No doubt <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> is cheap trading on 7.5x FY21E PER and 3.2x FY21E EV/EBITDA but there is still some uncertainty ahead, as it has a good number of underperforming stores still being monitored and its initiatives, appealing though they may be, will take time to gain traction.</p>

Matahari Department Store (LPPF IJ) hosted a business initiatives update for analysts last week, which provided some interesting updates on performance and fresh strategies, as we approach the end of the year. Apart from an update on sales, store closures and discontinued brands, the key initiatives discussed included the launch of a brand new Matahari.com and the collaboration with Bank Nationalnobu (NOBU IJ) to provide branchless banking. 
There has been a choppy sales recovery since the end of 3Q2020 partly due to the fact that 42 out of 153 stores are still under transition from the last set of PSBB measures.
There has been a mixed performance across different departments with casual wear and children's wear performing well but formalwear, travel, and cosmetics underperforming. 
Matahari Department Store (LPPF IJ) has discontinued seven direct-purchase (DP) brands and intends to write down the stock in these brands by the end of the year. 
The company intends to close a further six stores this year bringing the total number by the end of the year to 147 stores. There is a freeze on any new store openings next year with 23 stores under observation. 
Matahari Department Store (LPPF IJ) only last week has launched its brand new Matahari.com, which is at its early stages and will be ramped up slowly as part of the company's omnichannel strategy.  
A key discussion point and the subject of a large portion of the questions in the recent analyst call was regarding the strategy behind the company's tie-up with Bank Nationalnobu (NOBU IJ) to provide branchless banking services within Matahari stores. Matahari Department Store (LPPF IJ) has taken a 16.41% direct stake in Bank Nationalnobu (NOBU IJ).
No doubt Matahari Department Store (LPPF IJ) is cheap trading on 7.5x FY21E PER and 3.2x FY21E EV/EBITDA but there is still some uncertainty ahead, as it has a good number of underperforming stores still being monitored and its initiatives, appealing though they may be, will take time to gain traction.

Matahari Department Store (LPPF IJ) - Slow Transition to Newness

<p>The fact that <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> has managed to secure US$1.2bn in new funding over the past week in this apocalyptic environment says something about investors confidence in the long-term prospects for the company and for digital Indonesia specifically. We look at the digital initiatives of the Indonesian banks, which provide listed exposure to this space. </p>
<p>This brings the total in <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)'</a>'s current Series F financing round to around US$3bn in total since the middle of last year, bringing its total funding to US$5.7bn over a total of 14 rounds. The company has recently been valued at US$10bn.</p>
<p>The new funds give the company more firepower to compete against its rival Grab. Rumoured participants in this latest round include <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS Group Holdings (DBS SP),</a> <a href="https://www.smartkarma.com/entities/siam-commercial-bank-pub-co" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">Siam Commercial Bank Pub Co (SCB TB),</a> and Visa. </p>
<p>Given that it is not possible for mere mortal equity investors to play Gojek directly, we would look to the Indonesian banks, which provide settlement services for and generate profits from <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> and Gopay, as well other e-commerce players in Indonesia.</p>
<p>The banks themselves are also focused on their own digital transformation programs, which are helping to improve internal processes, reduce costs, lower funding costs, and improve the consumer experience, as well as reducing the need for human interaction.</p>
<p>The banks we will look at include <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> now trading on 3.2x PBV, close to a 10-year low, and <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI IJ)</a>, trading on 1.2x PBV, a 10-year low, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-perser" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Perser (BBRI IJ)</a> on 1.8x FY20E PBV, again a 10-year low, and <a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ),</a> which trades on 0.6x FY20E PBV, another 10-year low. </p>
<p>In this Insight, we look at the digital banking initiatives at each of those banks and the impact these strategies are having on growth and profitability. </p>

The fact that Gojek (1379371D IJ) has managed to secure US$1.2bn in new funding over the past week in this apocalyptic environment says something about investors confidence in the long-term prospects for the company and for digital Indonesia specifically. We look at the digital initiatives of the Indonesian banks, which provide listed exposure to this space. 
This brings the total in Gojek (1379371D IJ)''s current Series F financing round to around US$3bn in total since the middle of last year, bringing its total funding to US$5.7bn over a total of 14 rounds. The company has recently been valued at US$10bn.
The new funds give the company more firepower to compete against its rival Grab. Rumoured participants in this latest round include DBS Group Holdings (DBS SP), Siam Commercial Bank Pub Co (SCB TB), and Visa. 
Given that it is not possible for mere mortal equity investors to play Gojek directly, we would look to the Indonesian banks, which provide settlement services for and generate profits from Gojek (1379371D IJ) and Gopay, as well other e-commerce players in Indonesia.
The banks themselves are also focused on their own digital transformation programs, which are helping to improve internal processes, reduce costs, lower funding costs, and improve the consumer experience, as well as reducing the need for human interaction.
The banks we will look at include Bank Central Asia (BBCA IJ), now trading on 3.2x PBV, close to a 10-year low, and Bank Mandiri Persero (BMRI IJ), trading on 1.2x PBV, a 10-year low, Bank Rakyat Indonesia Perser (BBRI IJ) on 1.8x FY20E PBV, again a 10-year low, and Bank Negara Indonesia Persero (BBNI IJ), which trades on 0.6x FY20E PBV, another 10-year low. 
In this Insight, we look at the digital banking initiatives at each of those banks and the impact these strategies are having on growth and profitability. 

CrossASEAN Strategy - Life After Gojek and the Land of Digital Banking

Indonesia

PT Ramayana Lestari Sentosa Tbk is an Indonesia-based company that operates a chain of department stores and supermarkets across the country. The company sells a wide range of products including clothing, accessories, bags, shoes, cosmetics, and daily necessities under brands like Ramayana, Robinson, and Cahaya. It was founded in 1978 and is headquartered in Jakarta, Indonesia.

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

Ramayana Lestari Sentosa (RALS IJ)

Matahari Department Store (LPPF IJ) - Uncertain Waters Ahead of Lebaran

Matahari Department Store faces an uncertain outlook ahead of Lebaran and will also close 13 stores after the festive period, and without the...

Angus Mackintosh

Tokopedia PT (1087142D IJ) - From Private to Public by Hook or by Crook

Tokopedia has confirmed that it is looking to go public and has enlisted Investment Banks to speed the process. This will give investors an...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - Digitally Remastered

MAPI is one of our top picks for the recovery in Indonesia, with a significant increase in exposure to e-commerce and a gradual broadening of its...

Angus Mackintosh

Matahari Department Store (LPPF IJ) - Slow Transition to Newness

Matahari Department Store's latest strategies such as the relaunch of Matahari.com and its collaboration with Bank Nobu seem sensible but it may...

Angus Mackintosh

CrossASEAN Strategy - Life After Gojek and the Land of Digital Banking

The fact that Gojek (1379371D IJ) has managed to secure US$1.2bn in new funding over the past week in this apocalyptic environment says something...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)