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 recent meeting with <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> looking at its longer-term strategy confirmed its differentiated standing, with a keen focus on an omnichannel strategy across key verticals.</li>
<li>The restructuring of its 1P business is yielding positive returns and higher margins, whilst its 3P business is being driven by strong performance from tiket.com, with offline stores performing well.</li>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">BELI</a> recently opened a new 100,000 sqm distribution centre, which will further underpin its logistics excellence and improve delivery times even further. Valuations are attractive with profitability ahead in FY2025.</li>
</ul>


A recent meeting with Global Digital Niaga (BELI IJ) looking at its longer-term strategy confirmed its differentiated standing, with a keen focus on an omnichannel strategy across key verticals.
The restructuring of its 1P business is yielding positive returns and higher margins, whilst its 3P business is being driven by strong performance from tiket.com, with offline stores performing well.

BELI recently opened a new 100,000 sqm distribution centre, which will further underpin its logistics excellence and improve delivery times even further. Valuations are attractive with profitability ahead in FY2025.


Global Digital Niaga (BELI IJ) - Speeding the Horses to Profitability

<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 </a>(BliBli) will issue new shares through a private placement to Djarum Group, underlining the strong support from its parent as it continues to expand its omnichannel business.</li>
<li>The company is also close to completing a large-scale distribution centre in West Java to expand its logistics capacity and has also indicated expanding fintech exposure.</li>
<li>BliBli saw sharp improvements in take rates and profitability in 1H2024 as it focused on improving product mix. Net profit profitability is expected in FY2025.</li>
</ul>



Global Digital Niaga (BliBli) will issue new shares through a private placement to Djarum Group, underlining the strong support from its parent as it continues to expand its omnichannel business.
The company is also close to completing a large-scale distribution centre in West Java to expand its logistics capacity and has also indicated expanding fintech exposure.
BliBli saw sharp improvements in take rates and profitability in 1H2024 as it focused on improving product mix. Net profit profitability is expected in FY2025.


Global Digital Niaga (BELI IJ) - Vote of Confidence

<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 (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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (BELI IJ)</a> is a very different animal from its listed peers given its omnichannel approach and its large 1P business plus a substantial private-public institutional B2B business. </li>
<li>The company's IPO was a relative success, raising US$508m in fresh funds, and the share price is still above the IPO price after listing on 8th November.</li>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (BELI IJ)</a> is still loss-making but has a strong backer in the Djarum Group. Its travel business could move to profitability quite rapidly and Ranch is there already.</li>
</ul>



Blibli (BELI IJ) is a very different animal from its listed peers given its omnichannel approach and its large 1P business plus a substantial private-public institutional B2B business. 
The company's IPO was a relative success, raising US$508m in fresh funds, and the share price is still above the IPO price after listing on 8th November.

Blibli (BELI IJ) is still loss-making but has a strong backer in the Djarum Group. Its travel business could move to profitability quite rapidly and Ranch is there already.


BliBli (BELI IJ) - A Very Different Animal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> is rapidly broadening its exposure to a greater range of services, with the latest move increasing its exposure to gaming, a potential future cash cow. </li>
<li>We have already seen <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> making bold moves into digital banking through <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> and a direct commitment to online groceries through AlloFresh with Trans Retail Indonesia.</li>
<li>We continue to focus on the improving fundamentals of <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> and its growing ecosystem and would use any short-term trading anomalies to accumulate the stock.</li>
</ul>



Bukalapak (BUKA IJ) is rapidly broadening its exposure to a greater range of services, with the latest move increasing its exposure to gaming, a potential future cash cow. 
We have already seen Bukalapak (BUKA IJ) making bold moves into digital banking through Allo Bank Indonesia and a direct commitment to online groceries through AlloFresh with Trans Retail Indonesia.
We continue to focus on the improving fundamentals of Bukalapak (BUKA IJ) and its growing ecosystem and would use any short-term trading anomalies to accumulate the stock.


Bukalapak (BUKA IJ) - Building a Warchest of Ecosystems

Indonesia

PT Supra Boga Lestari Tbk operates supermarkets in Indonesia under brands such as Ranch Market, Farmers Market, The Gourmet by Ranch Market, Day2Day by Farmers Market, and Farmers Family by Farmers Market. Its stores offer a wide variety of products, including meat, poultry, seafood, fruits, vegetables, and specialty items like organic, superfood, gluten-free, vegan, and dairy products. The company also engages in online sales and trading and operation management activities. It was founded in 1997 and is headquartered in Jakarta Barat, Indonesia.

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Supra Boga Lestari (RANC IJ)

Global Digital Niaga (BELI IJ) - Speeding the Horses to Profitability

A recent meeting with Global Digital Niaga (BELI IJ) looking at its longer-term strategy confirmed its differentiated standing, with a keen focus...

Angus Mackintosh

Global Digital Niaga (BELI IJ) - Vote of Confidence

BliBli has seen sharp improvements in take rates and profitability in 1H2024, as it focused on improving product mix, with profitability on a net...

Angus Mackintosh

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

BliBli (BELI IJ) - A Very Different Animal

Blibli (BELI IJ) is a very different animal from its listed peers given its omnichannel approach and its large 1P business plus a substantial...

Angus Mackintosh

Bukalapak (BUKA IJ) - Building a Warchest of Ecosystems

We continue to focus on the improving fundamentals of Bukalapak and its growing ecosystem and would use any short-term trading anomalies to...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)