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/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a> recently reported 1Q2021 results with sales up by +3.8% YoY, with the strongest growth coming from distribution and logistics, which grew +11.7% YoY, followed by consumer health which grew +2.7% YoY and would have been even stronger if not for the sift of the beverages business to the nutritional division.</p>
<p>Its prescription pharmaceuticals saw a slight -0.1% decline in sales for 1Q2021. 2Q2021 should see a boost for the unbranded generics through new tenders won under the BPJS coming through. </p>
<p><a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a> nutritional division saw sales fall -1.0% YoY, boosted by beverages without which sales would have fallen further. The company has launched more affordable powdered milk products to cater for those consumers trading down this year. </p>
<p><a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a> continues to expand into oncology and biologic products, which should help to support margins longer term.</p>
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<p><a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a> has been building its digital capabilities through a number of different initiatives including KalCare, Klikdokter, MOS Health under <a href="https://www.smartkarma.com/entities/enseval-putera-megatrading-tbk-pt" target="_blank" data-smartkarma-citation="entities:12291:1" rel="noopener">Enseval Putera Megatrading (EPMT IJ)</a>, and EMOS , while MosTrans is the company's digital transportation platform that focuses on delivering health products BtoB.</p>
<p><a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a> has a number of strategic initiatives for FY2021, which includes increasing its participation in unbranded generics, and a strengthening its participation in specialty products, as well as growing the pharma business through its digital platform. </p>
<p>We do not expect any near-term spin-off of the company's nutritional business but this may be considered longer term.  There is a possibility of a potential spin-off of its digital businesses but the timing is uncertain on this. </p>
<p>We continue to see <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, as a core holding to play increasing health consciousness in Indonesia, with a strong portfolio of core brands. </p>
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Kalbe Farma (KLBF IJ) recently reported 1Q2021 results with sales up by +3.8% YoY, with the strongest growth coming from distribution and logistics, which grew +11.7% YoY, followed by consumer health which grew +2.7% YoY and would have been even stronger if not for the sift of the beverages business to the nutritional division.
Its prescription pharmaceuticals saw a slight -0.1% decline in sales for 1Q2021. 2Q2021 should see a boost for the unbranded generics through new tenders won under the BPJS coming through. 
Kalbe Farma (KLBF IJ) nutritional division saw sales fall -1.0% YoY, boosted by beverages without which sales would have fallen further. The company has launched more affordable powdered milk products to cater for those consumers trading down this year. 
Kalbe Farma (KLBF IJ) continues to expand into oncology and biologic products, which should help to support margins longer term.

Kalbe Farma (KLBF IJ) has been building its digital capabilities through a number of different initiatives including KalCare, Klikdokter, MOS Health under Enseval Putera Megatrading (EPMT IJ), and EMOS , while MosTrans is the company's digital transportation platform that focuses on delivering health products BtoB.
Kalbe Farma (KLBF IJ) has a number of strategic initiatives for FY2021, which includes increasing its participation in unbranded generics, and a strengthening its participation in specialty products, as well as growing the pharma business through its digital platform. 
We do not expect any near-term spin-off of the company's nutritional business but this may be considered longer term.  There is a possibility of a potential spin-off of its digital businesses but the timing is uncertain on this. 
We continue to see Kalbe Farma (KLBF IJ), as a core holding to play increasing health consciousness in Indonesia, with a strong portfolio of core brands. 


Kalbe Farma (KLBF IJ) - An Increasingly Healthy Blend

<p>Indonesia's leading mobile phone retailer <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> recently released a strong set of 1Q2021 results, with sales growth of +39% YoY to IDR10.85tn and net profit growth of +170.9% YoY to IDR278.2bn, with sales driven by cellular phones and tablets, the backbone of <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" rel="noopener">Erajaya Swasembada (ERAA IJ)</a>'s business.</p>
<p>The only area seeing a decrease was the voucher segment, which decreased -28.3% YoY to IDR869.7bn.  This is not surprising given that most of the e-commerce players are now selling mobile phone credit as virtual products, making this space highly competitive.</p>
<p>The new iPhone 12 released at the end of 2020 had a positive impact on the company's 1Q2021 results. In addition, the positive performance was also driven by the new IMEI regulations, which blocks illegal cell phones, strengthening <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" rel="noopener">Erajaya Swasembada (ERAA IJ)</a>'s top line.</p>
<p><a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> also reported strong sales results during this year's Lebaran holiday period, without any impact from the mudik ban (going back to hometowns).</p>
<p>The company continues to open new sales outlets, opening 36 new outlets in 1Q2021. Apart from opening conventional outlets, <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> has started to open outlets called Erafone Cloud Retail Partner based on the concept of a partnership with local investors but are still managed and operated by the Erafone team.</p>
<p><a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> remains a very interesting proxy and enabler for the digital economy, as the provider of equipment to fuel the growth and increased activity. The company trades on 11x FY21E PER and 9.4x FY22E PER, versus its 5-year average forward PER of 9.8x but we expect continuing positive growth, which could fuel a re-rating.</p>
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Indonesia's leading mobile phone retailer Erajaya Swasembada (ERAA IJ) recently released a strong set of 1Q2021 results, with sales growth of +39% YoY to IDR10.85tn and net profit growth of +170.9% YoY to IDR278.2bn, with sales driven by cellular phones and tablets, the backbone of Erajaya Swasembada (ERAA IJ)'s business.
The only area seeing a decrease was the voucher segment, which decreased -28.3% YoY to IDR869.7bn.  This is not surprising given that most of the e-commerce players are now selling mobile phone credit as virtual products, making this space highly competitive.
The new iPhone 12 released at the end of 2020 had a positive impact on the company's 1Q2021 results. In addition, the positive performance was also driven by the new IMEI regulations, which blocks illegal cell phones, strengthening Erajaya Swasembada (ERAA IJ)'s top line.
Erajaya Swasembada (ERAA IJ) also reported strong sales results during this year's Lebaran holiday period, without any impact from the mudik ban (going back to hometowns).
The company continues to open new sales outlets, opening 36 new outlets in 1Q2021. Apart from opening conventional outlets, Erajaya Swasembada (ERAA IJ) has started to open outlets called Erafone Cloud Retail Partner based on the concept of a partnership with local investors but are still managed and operated by the Erafone team.
Erajaya Swasembada (ERAA IJ) remains a very interesting proxy and enabler for the digital economy, as the provider of equipment to fuel the growth and increased activity. The company trades on 11x FY21E PER and 9.4x FY22E PER, versus its 5-year average forward PER of 9.8x but we expect continuing positive growth, which could fuel a re-rating.
  

Erajaya Swasembada (ERAA IJ) - The Empire Strikes Back

Private Capital Markets

<p>Looking at the reports in the press on the news that <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> will seek a listing through an Altimeter Capital SPAC, there seems to be nothing but euphoria, without very much commentary on the potential risks ahead to the company's bullish forecasts and relatively high valuations. </p>
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<p>In terms of profitability, <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> maintains that ride-hailing was EBITDA positive in 4Q2019 but the company still lost US$800m in 2020.</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>'s projections are quite long-dated in the face of increasing and very unpredictable competitive pressures from the other major digital players, more especially the newly merged <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a> and <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia</a> under "GoTo Group" and from Shopee (<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>). </p>
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<p>The delivery and mobility take-rate assumptions also look quite high given the potential for heavy promotional activity from major competitors.</p>
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<p>In the company's presentation, there are three pages of detailed "Risk Factors Relating to Grab" in a small font covering a lot of bases, and leaving plenty of room for disappointment.</p>
<p>Our main concern would be the strong competition from Shopee on digital payments plus its move into food delivery in Indonesia under ShopeeFood.  It is also possible OVO stands to lose a good deal of business to GoPay with the merger moving ahead. </p>
<p>We also see the combined force of <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a> and <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia</a> under GoTo Group will also be a formidable competitor, given it will also have an e-commerce arm. Please see <a href="https://www.smartkarma.com/insights/goto-enter-the-green-dragon" target="_blank" data-smartkarma-citation="insights:51664" rel="noopener">GoTo - Enter the Green Dragon</a> for more background</p>
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<p>The valuations look quite aggressive given that on the stated EV of US$30.36bn, it will be valued at 13.2x FY21E EV/Sales and 9.2x FY22E EV/Sales, which is pretty much in line with <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>, which currently trades on .</p>
<p>We await more details on the planned floatation of GoTo Group, which is expected to be valued at more than US$40bn but probably deserves a higher multiple, given it has an e-commerce arm and a more established digital finance business, even though still at an early stage.</p>
<p>It is interesting to note that the share price of the Altimeter SPAC is approaching US$11, which suggests there is not much of a premium being built into the float, given that PIPE investors get shares at US$10.</p>
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Looking at the reports in the press on the news that Grab will seek a listing through an Altimeter Capital SPAC, there seems to be nothing but euphoria, without very much commentary on the potential risks ahead to the company's bullish forecasts and relatively high valuations. 

In terms of profitability, Grab maintains that ride-hailing was EBITDA positive in 4Q2019 but the company still lost US$800m in 2020.
Grab's projections are quite long-dated in the face of increasing and very unpredictable competitive pressures from the other major digital players, more especially the newly merged Gojek and Tokopedia under "GoTo Group" and from Shopee (Sea Ltd (SE US)). 


The delivery and mobility take-rate assumptions also look quite high given the potential for heavy promotional activity from major competitors.


In the company's presentation, there are three pages of detailed "Risk Factors Relating to Grab" in a small font covering a lot of bases, and leaving plenty of room for disappointment.
Our main concern would be the strong competition from Shopee on digital payments plus its move into food delivery in Indonesia under ShopeeFood.  It is also possible OVO stands to lose a good deal of business to GoPay with the merger moving ahead. 
We also see the combined force of Gojek and Tokopedia under GoTo Group will also be a formidable competitor, given it will also have an e-commerce arm. Please see GoTo - Enter the Green Dragon for more background



The valuations look quite aggressive given that on the stated EV of US$30.36bn, it will be valued at 13.2x FY21E EV/Sales and 9.2x FY22E EV/Sales, which is pretty much in line with Sea Ltd (SE US), which currently trades on .
We await more details on the planned floatation of GoTo Group, which is expected to be valued at more than US$40bn but probably deserves a higher multiple, given it has an e-commerce arm and a more established digital finance business, even though still at an early stage.
It is interesting to note that the share price of the Altimeter SPAC is approaching US$11, which suggests there is not much of a premium being built into the float, given that PIPE investors get shares at US$10.








<p><a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> announced its 1Q2021 results which look like a blowout set of numbers with +147% growth in total GAAP revenues with +117% growth in digital bookings for digital entertainment and +250% YoY growth in e-commerce GAAP revenues.</p>
<p>Gross Profit increased a staggering +212% YoY to US$645.4m in 1Q2021 and the company booked a positive EBITDA of US$88.1m versus a (US$69.9m) loss in 1Q2020.</p>
<p>The gross profit margin increased from 28% in 1Q2020 to 36% in 1Q2021, which is a testament to the fact that the company is moving along the path to profitability. Digital entertainment saw higher margins, while-commerce saw falling EBITDA loss per order.</p>
<p>In Digital Entertainment (DE) division continues to see strong growth in its user base with +61% YoY growth in quarterly active users (QAU) to 648.6m but more importantly quarterly paying users saw growth of +12.3% YoY to 79.8m signifying a higher level of monetization on its self-developed game <em>Free Fire.</em></p>
<p>The company continues to successfully expand its gaming business to new geographies, with India being the latest growth engine and players are spending more time on Free Fire and spending more. It continues to add new content and characters to increase the appeal and stickiness of <em>Free Fire</em>. It is also seeing huge response in the eSports arena for <em>Free Fire.</em></p>
<p>Shopee ranked number one in the shopping category by monthly active users and time spent in app in 1Q2021 for both South East Asia and Taiwan, according to App Annie. E-commerce continues to show supercharged growth and especially in the core market of Indonesia.</p>
<p><a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>'s move into digital payments in South -East Asia under SeaMoney and ShopeePay in Indonesia continues to see strong momentum.  The mobile wallet total payment volume saw total payment volume triple in 1Q2021 to US$3.4bn. </p>
<p>The company is also expanding the offline use-cases for ShopeePay most recently extending use to Indomaret in Indonesia, the largest mini-market operator in the country.</p>
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<p><a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>'s move into food delivery through ShopeeFood and evidence suggests that it has already had a strong reception to its launch in Jakarta, with growth similar to that in other categories.</p>
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<p>This latest set of results provides further proof of the success of the <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> growth model which generates huge EBITDA from gaming and reinvests that money into growing the company's e-commerce and digital finance businesses, whilst maintaining the investment momentum into the gaming cash cow, buy pushing out into new geographies such as India.</p>
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<p><a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> continues to standout as the best way to play the explosive growth in e-commerce in South East Asia, funded by the popularity of its self developed game <em>Free Fire </em>and its gaming business, together with its move into digital payments a third leg to future growth.</p>
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<section class="figure"><a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> valuations are higher than its listed peers on 13x and 9x EV/Sales for FY21E and FY22E respectively but it is growing at more than twice the pace in terms of sales to justify this. The market is also paying a premium for its unique financing plus its market leadership and strong track record on execution, with 11 consecutive quarters of triple-digit growth.</section>
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Sea Ltd (SE US) announced its 1Q2021 results which look like a blowout set of numbers with +147% growth in total GAAP revenues with +117% growth in digital bookings for digital entertainment and +250% YoY growth in e-commerce GAAP revenues.
Gross Profit increased a staggering +212% YoY to US$645.4m in 1Q2021 and the company booked a positive EBITDA of US$88.1m versus a (US$69.9m) loss in 1Q2020.
The gross profit margin increased from 28% in 1Q2020 to 36% in 1Q2021, which is a testament to the fact that the company is moving along the path to profitability. Digital entertainment saw higher margins, while-commerce saw falling EBITDA loss per order.
In Digital Entertainment (DE) division continues to see strong growth in its user base with +61% YoY growth in quarterly active users (QAU) to 648.6m but more importantly quarterly paying users saw growth of +12.3% YoY to 79.8m signifying a higher level of monetization on its self-developed game Free Fire.
The company continues to successfully expand its gaming business to new geographies, with India being the latest growth engine and players are spending more time on Free Fire and spending more. It continues to add new content and characters to increase the appeal and stickiness of Free Fire. It is also seeing huge response in the eSports arena for Free Fire.
Shopee ranked number one in the shopping category by monthly active users and time spent in app in 1Q2021 for both South East Asia and Taiwan, according to App Annie. E-commerce continues to show supercharged growth and especially in the core market of Indonesia.
Sea Ltd (SE US)'s move into digital payments in South -East Asia under SeaMoney and ShopeePay in Indonesia continues to see strong momentum.  The mobile wallet total payment volume saw total payment volume triple in 1Q2021 to US$3.4bn. 
The company is also expanding the offline use-cases for ShopeePay most recently extending use to Indomaret in Indonesia, the largest mini-market operator in the country.

Sea Ltd (SE US)'s move into food delivery through ShopeeFood and evidence suggests that it has already had a strong reception to its launch in Jakarta, with growth similar to that in other categories.

This latest set of results provides further proof of the success of the Sea Ltd (SE US) growth model which generates huge EBITDA from gaming and reinvests that money into growing the company's e-commerce and digital finance businesses, whilst maintaining the investment momentum into the gaming cash cow, buy pushing out into new geographies such as India.



Sea Ltd (SE US) continues to standout as the best way to play the explosive growth in e-commerce in South East Asia, funded by the popularity of its self developed game Free Fire and its gaming business, together with its move into digital payments a third leg to future growth.

Sea Ltd (SE US) valuations are higher than its listed peers on 13x and 9x EV/Sales for FY21E and FY22E respectively but it is growing at more than twice the pace in terms of sales to justify this. The market is also paying a premium for its unique financing plus its market leadership and strong track record on execution, with 11 consecutive quarters of triple-digit growth.

















Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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

<p>Indonesian ride-hailing start-up <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> and e-commerce player <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a>  announced today that the two entities are merging their businesses and the combined business will be called the <strong>“GoTo Group”</strong>. The two companies have not disclosed the value of the deal, however, they mentioned that the deal would mark the largest business deal in the country. GoTo Group will offer services from ride-hailing and financial services to e-commerce and take on competition from large rivals <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (0967655D SP)</a> .</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/206/776/original/image_10362768921621248055755.png?1621248056" class="editor-image img-responsive" data-smartkarma-image-id="206776"></figure><p>News regarding a potential deal between Gojek and Tokopedia was first surfaced in January this year and Bloomberg highlighted that the merger between the two companies would be carried out prior to a planned IPO of the combined entity, which is to list in the US and Indonesia.</p>

Indonesian ride-hailing start-up Gojek (1379371D IJ) and e-commerce player Tokopedia PT (1087142D IJ)  announced today that the two entities are merging their businesses and the combined business will be called the “GoTo Group”. The two companies have not disclosed the value of the deal, however, they mentioned that the deal would mark the largest business deal in the country. GoTo Group will offer services from ride-hailing and financial services to e-commerce and take on competition from large rivals Sea Ltd (SE US) and Grab (0967655D SP) .News regarding a potential deal between Gojek and Tokopedia was first surfaced in January this year and Bloomberg highlighted that the merger between the two companies would be carried out prior to a planned IPO of the combined entity, which is to list in the US and Indonesia.

Gojek-Tokopedia Combine Their Businesses to Form GoTo Group; Is an IPO on the Cards?

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)

Kalbe Farma (KLBF IJ) - An Increasingly Healthy Blend

Kalbe Farma is a core holding to play increasing health consciousness in Indonesia, with a strong portfolio of core brands, with valuations below...

Angus Mackintosh

Erajaya Swasembada (ERAA IJ) - The Empire Strikes Back

Erajaya recently released an impressive set of 1Q2021, driven by strong handsets sales, with a positive tailwind from the new rules on compulsory...

Angus Mackintosh

Grab - Too Much Euphoria?

Grab is close to listing through the Altimeter SPAC in New York, which has brought with it much euphoria amongst commentators. We look to some of...

Angus Mackintosh

Sea Ltd - Supercharged

Sea Ltd (SE US) is the best way to proxy for the explosive growth in e-commerce in South East Asia, funded by its gaming revenue, with its move...

Angus Mackintosh

Gojek-Tokopedia Combine Their Businesses to Form GoTo Group; Is an IPO on the Cards?

Indonesian ride-hailing start-up Gojek and e-commerce player Tokopedia announced today that the two entities are merging their businesses and the...

Shifara Samsudeen, FCMA, CGMA

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