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>The ironically named warung-tech segment in Indonesia has seen a recent spate of layoffs by a number of key players, as the path to profitability becomes the key focus. </li>
<li>One company that stands out as a potential beneficiary is <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a>, which is already the dominant player in this space through its Mitra business, especially outside Tier 1 cities. </li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a> saw some dramatic improvements in both take rates and contribution margins in 3Q2022, with more to come in 4Q2022 and beyond, from both its Mitra and Specialty store segments.</li>
</ul>


The ironically named warung-tech segment in Indonesia has seen a recent spate of layoffs by a number of key players, as the path to profitability becomes the key focus. 
One company that stands out as a potential beneficiary is Bukalapak, which is already the dominant player in this space through its Mitra business, especially outside Tier 1 cities. 

Bukalapak saw some dramatic improvements in both take rates and contribution margins in 3Q2022, with more to come in 4Q2022 and beyond, from both its Mitra and Specialty store segments.


Bukalapak (BUKA IJ) - Opportunity from Adversity

<ul>
<li>
<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> reports another positive set of results confirming the success of its ongoing transformation with the promise of an even stronger quarter ahead.</li>
<li>Footwear and menswear continued to lead but womenswear, cosmetics, and babywear were also strong, with private labels Nevada Sports, Nevada Denim, Coles, and New Connections booking vibrant sales.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Stores</a> omnichannel initiatives are bearing fruit with another marketplace soon to come on stream whilst store opening and renovations will accelerate 2H2022, helping to drive growth.</li>
</ul>



Matahari Department Store (LPPF IJ) reports another positive set of results confirming the success of its ongoing transformation with the promise of an even stronger quarter ahead.
Footwear and menswear continued to lead but womenswear, cosmetics, and babywear were also strong, with private labels Nevada Sports, Nevada Denim, Coles, and New Connections booking vibrant sales.

Matahari Department Stores omnichannel initiatives are bearing fruit with another marketplace soon to come on stream whilst store opening and renovations will accelerate 2H2022, helping to drive growth.


Matahari Department Store (LPPF IJ) - New Boots and Pants

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.</li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we’ll talk about the trading dynamics of the deal.</li>
</ul>


GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we’ll talk about the trading dynamics of the deal.


GoTo IPO Trading - A Test for the Domestic Market

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a> is a relatively small cross-border e-commerce and internet company from Japan with a consolidated GMV of ¥64.7bn last year.</li>
<li>The company also runs an incubator platform to create new businesses and invest in start-ups mainly in emerging regions such as India and South-East Asia.</li>
<li>Down below, we analyse the impact on Beenos’ valuation following GOTO’s impending IPO of which Beenos owns 0.5%.</li>
</ul>



Beenos Inc (3328 JP) is a relatively small cross-border e-commerce and internet company from Japan with a consolidated GMV of ¥64.7bn last year.
The company also runs an incubator platform to create new businesses and invest in start-ups mainly in emerging regions such as India and South-East Asia.
Down below, we analyse the impact on Beenos’ valuation following GOTO’s impending IPO of which Beenos owns 0.5%.


GoTo May Not Be So Expensive, If You Own It Through Beenos

Private Capital Markets

<ul>
<li>The long-awaited <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> IPO is upon us with a listing scheduled for 4th April after the deal was priced sensibly in the middle of the range at IDR338 per share. </li>
<li>Since this was only offered to local investors and the IPO only represents 4.35% of shares in issue pre-Green Shoe, we see the potential for strong support from local institutions.</li>
<li>Valuations are challenging but <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> represents the best proxy for the Indonesian digital economy given its broad and unique exposure to key verticals of on-demand, digital finance, and e-commerce. </li>
</ul>


The long-awaited GoTo IPO is upon us with a listing scheduled for 4th April after the deal was priced sensibly in the middle of the range at IDR338 per share. 
Since this was only offered to local investors and the IPO only represents 4.35% of shares in issue pre-Green Shoe, we see the potential for strong support from local institutions.
Valuations are challenging but GoTo represents the best proxy for the Indonesian digital economy given its broad and unique exposure to key verticals of on-demand, digital finance, and e-commerce. 


Indonesia

Tokopedia PT provides e-commerce services. The Company owns and operates an online e-commerce platform that allows individuals and small-to-mid-sized business owners to start their online stores.

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Tokopedia PT (1087142D IJ)

Bukalapak (BUKA IJ) - Opportunity from Adversity

Bukalapak saw some dramatic improvements in both take rates and contribution margins in 3Q2022, with more to come in 4Q2022 and beyond, from both...

Angus Mackintosh

Matahari Department Store (LPPF IJ) - New Boots and Pants

Matahari Department Store reported another positive set of results confirming the success of its ongoing transformation with the promise of an even...

Angus Mackintosh

GoTo IPO Trading - A Test for the Domestic Market

GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close...

Sumeet Singh

GoTo May Not Be So Expensive, If You Own It Through Beenos

Beenos owns 3.545bn shares of GoTo with a lock-up period of 8 months and at the IPO price, the company’s ownership share would be valued at around...

Oshadhi Kumarasiri

GoTo IPO - A Finely Tuned Balance

Valuations are challenging but GoTo represents the best proxy for the Indonesian digital economy given its broad and unique exposure to key...

Angus Mackintosh

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