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

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<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> announced a pretty robust set of 9M2021 results considering the backdrop of Emergency PPKM in Indonesia.  In our view, <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 become investable again after a series of disappointments and misteps on strategy made it a minefield for long-term investors. Over the past two years the company has made numerous strategic moves under the guidance of new management, which have reversed a number of strategies that were clearly not working.</p>
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<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 use non-store channels during Emergency PPKM during 3Q2021 to partially mitigate the impact and a full opening of stores in September also has some positive impact.</p>
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<section class="figure">The company saw all of its 137 stores reopned by 8th September with a gradual improvement in terms of access over the month and kids allowed back into the malls again in October, which helped to further improve traffic. </section>
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<section class="figure"><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 had  a new Chief Merchandising Officer in place called Rachel Stack for over a year now, who has a rich history in the retail business in the UK and Europe. She has already made significant changes to its merchandising mix. </section>
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<section class="figure">Overall the company is focused on what it terms "aspirational yet affordable" products and a rejuvenated omnichannle approach. The intention is to use its stores as assets in the future to aid fulfilment, with customer curated ranges to prevent any undue discount cycles.</section>
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<section class="figure"><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 resumed issuing guidance in November this year, which is also reassuring, with the resumption of a dividend payout a further positive for long-term investors.</section>
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<section class="figure">Valuations look reasonable, with the company trading on 12.6x FY22E PER and 9.7x FY23E PER, with forecast EPS growth of +58.7% and +29.4% for FY22E and FY23E respectively. It also continues to trade at a discount to its peers, which seems unjustified given the transformation taking place.</section>
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Matahari Department Store (LPPF IJ) announced a pretty robust set of 9M2021 results considering the backdrop of Emergency PPKM in Indonesia.  In our view, Matahari Department Store (LPPF IJ) has become investable again after a series of disappointments and misteps on strategy made it a minefield for long-term investors. Over the past two years the company has made numerous strategic moves under the guidance of new management, which have reversed a number of strategies that were clearly not working.

Matahari Department Store (LPPF IJ) continues to use non-store channels during Emergency PPKM during 3Q2021 to partially mitigate the impact and a full opening of stores in September also has some positive impact.

The company saw all of its 137 stores reopned by 8th September with a gradual improvement in terms of access over the month and kids allowed back into the malls again in October, which helped to further improve traffic. 






Matahari Department Store (LPPF IJ) has had  a new Chief Merchandising Officer in place called Rachel Stack for over a year now, who has a rich history in the retail business in the UK and Europe. She has already made significant changes to its merchandising mix. 




Overall the company is focused on what it terms "aspirational yet affordable" products and a rejuvenated omnichannle approach. The intention is to use its stores as assets in the future to aid fulfilment, with customer curated ranges to prevent any undue discount cycles.




Matahari Department Store (LPPF IJ) has resumed issuing guidance in November this year, which is also reassuring, with the resumption of a dividend payout a further positive for long-term investors.


Valuations look reasonable, with the company trading on 12.6x FY22E PER and 9.7x FY23E PER, with forecast EPS growth of +58.7% and +29.4% for FY22E and FY23E respectively. It also continues to trade at a discount to its peers, which seems unjustified given the transformation taking place.














Matahari Department Store (LPPF IJ) - Revamped, Refreshed, and Investable

Private Capital Markets

<p>Founded in 2010, Blibli was one of the pioneers of online shopping malls in Indonesia operating under a B2C model rather unlike its competitors, which have adopted a mixed approach with more focus on the C2C marketplace and adding B2C later. It has branched out to B2B, B2B2C, and B2G (government) and its target market is a more affluent consumer versus <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia</a> and Shopee. Given the private nature of the company, we view BliBli as the Dark Knight of Indonesian e-commerce. </p>
<p>The company is owned by GDP Ventures which is part of Djarum Group, which owns one of the major tobacco companies in Indonesia as well as a controlling stake in<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" rel="noopener"> Bank Central Asia (BBCA IJ),</a> Indonesia's largest private bank and leader in transactional banking.</p>
<p>BliBli has around 100,000 merchants selling 30,000 local and international brands on the platform covering a total of 16 product different categories.</p>
<p>It has around 18m monthly active users on the platform ranking number five in terms of visitors in 2Q2021, ahead of JD.id and behind <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> and <a href="https://www.smartkarma.com/entities/lazada-group" target="_blank" data-smartkarma-citation="entities:26148:1" rel="noopener">Lazada Group (LAZADA SP)</a>.</p>
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<p>BliBli uses a wide range of payment options including GoPay, which is not surprising since it is a shareholder in<a href="https://www.smartkarma.com/entities/gojek" target="_blank" rel="noopener"> Gojek.</a> It has also invested in medical internet provider HaloDoc and took over travel platform Tiket.com in mid-2017.</p>
<p>The company has been bringing more MSMEs onto the platform that produce goods themselves rather than resell items from elsewhere. </p>
<p>BliBli also offers free deliveries plus a multitude of payment options, with its own in-house wallet called BliPay but also uses a multitude of payment and financing options outlined below.</p>
<p>BliBli presents stiff competition with the other major players, with a strong backer in Djarum, which has deep pockets. It is increasingly diversified in its product offering and has its interests well-aligned with the government, especially with its push to bring MSMEs onto the platform.</p>
<p>The company recently announced that it would buy a 51% stake in <a href="https://www.smartkarma.com/entities/supra-boga-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:16780:1" rel="noopener">Supra Boga Lestari (RANC IJ)</a>, which operates upscale supermarket chains including Ranch Market, The Gourmet, and Farmers Market. This potentially increases the company's exposure to online groceries. </p>
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<p>BliBli is already said to have achieved unicorn status with a valuation of over US$1bn and has appointed advisors Credit Suisse and Morgan Stanley ahead of a potential listing in early 2022 said to be in Jakarta. A valuation above US$1bn should be easily achievable on the first inspection and this IPO will attract the attention of both local and foreign investors.</p>
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Founded in 2010, Blibli was one of the pioneers of online shopping malls in Indonesia operating under a B2C model rather unlike its competitors, which have adopted a mixed approach with more focus on the C2C marketplace and adding B2C later. It has branched out to B2B, B2B2C, and B2G (government) and its target market is a more affluent consumer versus Tokopedia and Shopee. Given the private nature of the company, we view BliBli as the Dark Knight of Indonesian e-commerce. 
The company is owned by GDP Ventures which is part of Djarum Group, which owns one of the major tobacco companies in Indonesia as well as a controlling stake in Bank Central Asia (BBCA IJ), Indonesia's largest private bank and leader in transactional banking.
BliBli has around 100,000 merchants selling 30,000 local and international brands on the platform covering a total of 16 product different categories.
It has around 18m monthly active users on the platform ranking number five in terms of visitors in 2Q2021, ahead of JD.id and behind Bukalapak (BUKA IJ) and Lazada Group (LAZADA SP).



BliBli uses a wide range of payment options including GoPay, which is not surprising since it is a shareholder in Gojek. It has also invested in medical internet provider HaloDoc and took over travel platform Tiket.com in mid-2017.
The company has been bringing more MSMEs onto the platform that produce goods themselves rather than resell items from elsewhere. 
BliBli also offers free deliveries plus a multitude of payment options, with its own in-house wallet called BliPay but also uses a multitude of payment and financing options outlined below.
BliBli presents stiff competition with the other major players, with a strong backer in Djarum, which has deep pockets. It is increasingly diversified in its product offering and has its interests well-aligned with the government, especially with its push to bring MSMEs onto the platform.
The company recently announced that it would buy a 51% stake in Supra Boga Lestari (RANC IJ), which operates upscale supermarket chains including Ranch Market, The Gourmet, and Farmers Market. This potentially increases the company's exposure to online groceries. 

BliBli is already said to have achieved unicorn status with a valuation of over US$1bn and has appointed advisors Credit Suisse and Morgan Stanley ahead of a potential listing in early 2022 said to be in Jakarta. A valuation above US$1bn should be easily achievable on the first inspection and this IPO will attract the attention of both local and foreign investors.


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<p><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>released its 3Q2021 results this week which saw its 9M2021 new bookings increase +72.7% YoY or +4.2% QoQ, reflecting a new normal situation versus last year when new booking had virtually ground to a halt. All the same, this performance was impressive given the backdrop of Emergency PPKM measures impacting mobility.</p>
<p>3Q2021 performance was relatively robust given that the country was in the midst of Emergency PPKM during the quarter with a stronger recovery taking place in September. <a href="https://www.smartkarma.com/entities/bf-investment-ltd" target="_blank" data-smartkarma-citation="entities:9276:1" rel="noopener"></a></p>
<p><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> profitability remained healthy with its interest spread at 11.3%, with the cost of funds steady at 8.5%, making it very competitive versus competition.</p>
<p>The company's NCL ratio declined significantly QoQ but slightly higher than last year, as a result of more repossessions and collateral disposals. </p>
<p><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> continues to make good progress on restructured loans with 86.8% of restructured loans reverting to normal status as of the end of 9M2021.<a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener"></a></p>
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<p>The company continues to develop its digital capabilities and has been developing its fintech push through Pinjam Modal and it has also launched BFI Connect, which is an open API platform, which can be integrated into other platforms such as e-commerce.</p>
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<p>The key message from <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> management was that the company is moving back towards a growth trajectory, with new booking improving and receivables seeing higher repayments. We continue to see <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> as the most interesting multi finance company in Indonesia, with a strong risk management culture and with the potential to generate higher ROEs as the market recovers. </p>
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BFI Finance Indonesia (BFIN IJ)released its 3Q2021 results this week which saw its 9M2021 new bookings increase +72.7% YoY or +4.2% QoQ, reflecting a new normal situation versus last year when new booking had virtually ground to a halt. All the same, this performance was impressive given the backdrop of Emergency PPKM measures impacting mobility.
3Q2021 performance was relatively robust given that the country was in the midst of Emergency PPKM during the quarter with a stronger recovery taking place in September. 
BFI Finance Indonesia (BFIN IJ) profitability remained healthy with its interest spread at 11.3%, with the cost of funds steady at 8.5%, making it very competitive versus competition.
The company's NCL ratio declined significantly QoQ but slightly higher than last year, as a result of more repossessions and collateral disposals. 
BFI Finance Indonesia (BFIN IJ) continues to make good progress on restructured loans with 86.8% of restructured loans reverting to normal status as of the end of 9M2021.



The company continues to develop its digital capabilities and has been developing its fintech push through Pinjam Modal and it has also launched BFI Connect, which is an open API platform, which can be integrated into other platforms such as e-commerce.

The key message from BFI Finance Indonesia (BFIN IJ) management was that the company is moving back towards a growth trajectory, with new booking improving and receivables seeing higher repayments. We continue to see BFI Finance Indonesia (BFIN IJ) as the most interesting multi finance company in Indonesia, with a strong risk management culture and with the potential to generate higher ROEs as the market recovers. 




BFI Finance Indonesia (BFIN IJ) - Shining Through in a Difficult Period

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<p><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> has a unique combination of different parts of the mobility ecosystem in Indonesia from corporate car rental, to car auction, and online marketplace but it is its end-to-end logistics business, and especially Anteraja, that is plugged directly into Indonesia's booming digital economy, that makes this an exciting story.</p>
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<section class="figure">Anteraja has expanded its coverage area significantly and is now present in 600 service points in 34 provinces across the archipelago.  It accounted for 47% of total sales in 1H2021 and is likely to account for more than 50% of sales by 2H2021.</section>
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<section class="figure"><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> 1H2021 results saw the company's revenues grow by +50.4% YoY, with gross profit up +20% YoY, while operating profit grew +43.7%, and the company's net profit grew by +68.9% YoY</section>
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<p>In an interesting development, Anteraja, the last-mile delivery arm of <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> has announced partnerships with both <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> and <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a>, to integrate both company's logistics services into its last-mile ecosystem.</p>
<p><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> is a very interesting way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which makes up close to 50% of sales, whilst its remaining business in car rental and car auction continue to produce stable growth.</p>
<p>The company trades on 42x FY22E PER and 31x FY223E PER but on 16.9x FY21EV/EBITDA and 13.4x FY23E EV/EBITDA, which is probably a better measure given that this is a growth company.</p>
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Adi Sarana Armada (ASSA IJ) has a unique combination of different parts of the mobility ecosystem in Indonesia from corporate car rental, to car auction, and online marketplace but it is its end-to-end logistics business, and especially Anteraja, that is plugged directly into Indonesia's booming digital economy, that makes this an exciting story.



Anteraja has expanded its coverage area significantly and is now present in 600 service points in 34 provinces across the archipelago.  It accounted for 47% of total sales in 1H2021 and is likely to account for more than 50% of sales by 2H2021.



Adi Sarana Armada (ASSA IJ) 1H2021 results saw the company's revenues grow by +50.4% YoY, with gross profit up +20% YoY, while operating profit grew +43.7%, and the company's net profit grew by +68.9% YoY

In an interesting development, Anteraja, the last-mile delivery arm of Adi Sarana Armada (ASSA IJ) has announced partnerships with both Grab and Gojek, to integrate both company's logistics services into its last-mile ecosystem.
Adi Sarana Armada (ASSA IJ) is a very interesting way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which makes up close to 50% of sales, whilst its remaining business in car rental and car auction continue to produce stable growth.
The company trades on 42x FY22E PER and 31x FY223E PER but on 16.9x FY21EV/EBITDA and 13.4x FY23E EV/EBITDA, which is probably a better measure given that this is a growth company.









Adi Sarana Armada (ASSA IJ) - From the First to the Last Mile

<p><a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> just announced a strong set of 2Q2021 results in its results call this week, with GMV (Gross Merchandise Value) increasing by +62% YoY to a record high of US$3.9bn, whilst adjusted net sales reached a new quarterly high of US$550m, an increase of +92% YoY.</p>
<p>The company's revenue increased by +132% to US$180m, with adjusted EBITDA for 2Q2021 was (US$214m), down by US$8m YoY. </p>
<p><a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> booked a net loss of (US$815m) versus (US$718m) in 2Q2020 loss but of this number US$608m related to non-cash items related to interest accrued on the company convertible redeemable preference shares, stock-based compensation, depreciation, and amortisation. </p>
<p>Looking at a number of measures of profitability as % of GMV, Grab is moving in the right direction towards making a profit.</p>
<p>The company's delivery business continued to be a strong performer, with +68% YoY growth in adjusted net sales, whilst mobility was impacted by various lockdowns in the South-East Asia region but still performed very well versus last year. Take rates have improved for both deliveries and mobility segments.</p>
<p><a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> saw GMV per transacting user increase by +27% YoY in 2Q2021, with GrabFood's merchant base nearly doubling, and merchants using GrabPay nearly increasing three times. </p>
<p><a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> also highlighted the strong performance of GrabMart and its PayLater businesses in Singapore and Malaysia. It has also launched GrabSupermarket in three markets, which has seen a strong reception, according to management.</p>
<p>The company's financial services segment achieved another record quarter in terms of total payments, with a total payment volume of US$2.9bn in 2Q2021, a +66% increase from last year, although revenues remain quite small.</p>
<p><a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> announced a strategic alliance with <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a> in July, which has interests spanning technology. telecoms, media, and healthcare.  This gives grab access to e-commerce and SMEs through <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>. </p>
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<p>The company highlighted that it sees encouraging trends for the rest of the year, as vaccination rates pick up but also flagged a note of caution given recent movement restrictions in South-East Asia, especially in Vietnam where even food deliveries are restricted currently.</p>
<p><a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains optimistic about the prospects for recovery as the region recovers over the next year, and it should benefit from this given its strong regional footprint but its competitors have been building war chests for their own expansion, which points towards rising competitive pressures</p>
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<p>The company expects its merger with Altimeter Growth and listing to go ahead in 4Q2021 and has just filed its F4 prospectus today with the SEC in the US. </p>
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Grab just announced a strong set of 2Q2021 results in its results call this week, with GMV (Gross Merchandise Value) increasing by +62% YoY to a record high of US$3.9bn, whilst adjusted net sales reached a new quarterly high of US$550m, an increase of +92% YoY.
The company's revenue increased by +132% to US$180m, with adjusted EBITDA for 2Q2021 was (US$214m), down by US$8m YoY. 
Grab booked a net loss of (US$815m) versus (US$718m) in 2Q2020 loss but of this number US$608m related to non-cash items related to interest accrued on the company convertible redeemable preference shares, stock-based compensation, depreciation, and amortisation. 
Looking at a number of measures of profitability as % of GMV, Grab is moving in the right direction towards making a profit.
The company's delivery business continued to be a strong performer, with +68% YoY growth in adjusted net sales, whilst mobility was impacted by various lockdowns in the South-East Asia region but still performed very well versus last year. Take rates have improved for both deliveries and mobility segments.
Grab saw GMV per transacting user increase by +27% YoY in 2Q2021, with GrabFood's merchant base nearly doubling, and merchants using GrabPay nearly increasing three times. 
Grab also highlighted the strong performance of GrabMart and its PayLater businesses in Singapore and Malaysia. It has also launched GrabSupermarket in three markets, which has seen a strong reception, according to management.
The company's financial services segment achieved another record quarter in terms of total payments, with a total payment volume of US$2.9bn in 2Q2021, a +66% increase from last year, although revenues remain quite small.
Grab announced a strategic alliance with Emtek (EMTK IJ) in July, which has interests spanning technology. telecoms, media, and healthcare.  This gives grab access to e-commerce and SMEs through Bukalapak (BUKA IJ). 



The company highlighted that it sees encouraging trends for the rest of the year, as vaccination rates pick up but also flagged a note of caution given recent movement restrictions in South-East Asia, especially in Vietnam where even food deliveries are restricted currently.
Grab remains optimistic about the prospects for recovery as the region recovers over the next year, and it should benefit from this given its strong regional footprint but its competitors have been building war chests for their own expansion, which points towards rising competitive pressures


The company expects its merger with Altimeter Growth and listing to go ahead in 4Q2021 and has just filed its F4 prospectus today with the SEC in the US. 











Grab - Greater Mobility Toward Profitability

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)

Matahari Department Store (LPPF IJ) - Revamped, Refreshed, and Investable

Matahari Department Store (LPPF IJ) has become investable again with an omnichannel approach and a revamped and refreshed brand portfolio.

Angus Mackintosh

BliBli - Enter The Dark Knight

BliBli is the "Dark Knight" of Indonesian e-commerce, given its private nature, strong market presence, and unicorn status. It has plans to IPO in...

Angus Mackintosh

BFI Finance Indonesia (BFIN IJ) - Shining Through in a Difficult Period

We continue to see BFI Finance Indonesia as the premier multi finance company in Indonesia, with a strong risk management culture and with the...

Angus Mackintosh

Adi Sarana Armada (ASSA IJ) - From the First to the Last Mile

Adi Sarana Armada (ASSA IJ) is a unique combination from different parts of the mobility ecosystem in Indonesia, directly plugged into the booming...

Angus Mackintosh

Grab - Greater Mobility Toward Profitability

GRAB released a strong set of 2Q2021 results with rapid growth in both the delivery and mobility business, with financial services gaining momentum...

Angus Mackintosh

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