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/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a> released its 1Q2024 results this week with some palpable relief as it booked its first adjusted EBITDA but underlying revenue growth remains strong, especially for its O2O business. </li>
<li>The company saw take rates improve for both its Mitra O2O business and its marketplace businesses, helping to drive revenue growth. Costs were also reduced allowing for positive contribution margins. </li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a> is expected to see sustainable profitability accompanied by revenue growth, with the marketplace recovering with improving product mix. BUKA'S "orphan" cash pile remains an issue but valuations are attractive.</li>
</ul>



Bukalapak released its 1Q2024 results this week with some palpable relief as it booked its first adjusted EBITDA but underlying revenue growth remains strong, especially for its O2O business. 
The company saw take rates improve for both its Mitra O2O business and its marketplace businesses, helping to drive revenue growth. Costs were also reduced allowing for positive contribution margins. 

Bukalapak is expected to see sustainable profitability accompanied by revenue growth, with the marketplace recovering with improving product mix. BUKA'S "orphan" cash pile remains an issue but valuations are attractive.


Bukalapak (BUKA IJ) - Eureka Moment with Better Visibility Ahead

Cross Asset Strategy

<ul>
<li>The past week saw insights on <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>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ),</a><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807:1" rel="noopener">Elite Commercial REIT (ELITE SP)</a> and OceanaGold IPO in the Philippines. </li>
<li>There were also macro insights on Indonesia and Singapore plus a sector insight on Thai banks and an index rebalancing from <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> on the LQ45 in Indonesia. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia</li>
</ul>


The past week saw insights on Bank Central Asia (BBCA IJ), BFI Finance Indonesia (BFIN IJ),Elite Commercial REIT (ELITE SP) and OceanaGold IPO in the Philippines. 
There were also macro insights on Indonesia and Singapore plus a sector insight on Thai banks and an index rebalancing from Brian Freitas on the LQ45 in Indonesia. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia


The Week That Was in ASEAN@Smartkarma - BCA Leads, BFIN Is Back, and Thai Banks

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying business performance.</li><li>Founded in 2009 as Garena by CEO Forrest Li, the company rebranded to Sea Ltd in 2017 and gained access to a wide range of games through Tencent's investment in 2010.</li><li>After achieving profitability in 2023, Sea Ltd is now focused on accelerating growth and drawing comparisons to Amazon's early years.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying business performance.Founded in 2009 as Garena by CEO Forrest Li, the company rebranded to Sea Ltd in 2017 and gained access to a wide range of games through Tencent's investment in 2010.After achieving profitability in 2023, Sea Ltd is now focused on accelerating growth and drawing comparisons to Amazon's early years.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)</li>
<li>700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)</li>
<li>1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)</li>
</ul>


03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)
700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)
1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)


[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak.com (BUKA IJ)</a> booked a slightly weaker finish to the year than expected with a slowdown in revenue growth in 4Q2023 and a miss on adjusted EBITDA breakeven.</li>
<li>The key reason was a thinning out of non-performing specialty businesses which impacted short-term revenues but will improve revenues and adjusted EBITDA. as the focus shifts to higher take-rate businesses.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak.com PT Tbk (BUKA IJ)</a> is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution on this being paramount. Valuations remain attractive.</li>
</ul>



Bukalapak.com (BUKA IJ) booked a slightly weaker finish to the year than expected with a slowdown in revenue growth in 4Q2023 and a miss on adjusted EBITDA breakeven.
The key reason was a thinning out of non-performing specialty businesses which impacted short-term revenues but will improve revenues and adjusted EBITDA. as the focus shifts to higher take-rate businesses.

Bukalapak.com PT Tbk (BUKA IJ) is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution on this being paramount. Valuations remain attractive.


Bukalapak.com (BUKA IJ) - On the Cusp of Breakeven

Singapore

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Sea Ltd (SE US)

Bukalapak (BUKA IJ) - Eureka Moment with Better Visibility Ahead

Bukalapak is expected to see sustainable profitability accompanied by revenue growth, with the marketplace recovering with a better product mix....

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - BCA Leads, BFIN Is Back, and Thai Banks

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Sea Limited (SE) - Friday, Jan 12, 2024

Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying...

Value Investors Club (VIC)

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

Bukalapak.com (BUKA IJ) - On the Cusp of Breakeven

Bukalapak.com PT Tbk (BUKA IJ) is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution being on being paramount....

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bukalapak (BUKA IJ) - Eureka Moment with Better Visibility Ahead

Bukalapak is expected to see sustainable profitability accompanied by revenue growth, with the marketplace recovering with a better product mix....

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - BCA Leads, BFIN Is Back, and Thai Banks

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Sea Limited (SE) - Friday, Jan 12, 2024

Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying...

Value Investors Club (VIC)

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

​Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

Bukalapak.com (BUKA IJ) - On the Cusp of Breakeven

Bukalapak.com PT Tbk (BUKA IJ) is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution being on being paramount....

Angus Mackintosh

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...