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

Private Capital Markets

GoTo Gojek Tokopedia Tbk PT / Private Capital Markets

<p><a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> just had a vote of confidence in its digital financial strategy, with GIC (Singapore's Sovereign Wealth Fund) revealing that it will invest in <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>, where Gojek recently increased its own stake to 22.16%. </p>
<p>GIC will invest around US$225m to acquire circa 9% stake in <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> through a rights issue to take place in March.</p>
<p>The Indonesian bank is already in the process of transforming itself into a digital bank but bringing in GIC as a shareholder will bring comfort in terms of governance of the bank, as well as obviously bringing new funds.</p>
<p><a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> will secure IDR7tn or US$497.3m through the issuance of new shares, increasing its total capital to IDR8tn or US$564.4m.</p>
<p>The potential customer base for <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> will be even larger assuming the Gojek-Tokopedia merger goes through, opening up Tokopedia's customers and sellers as potential customers. </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> is not standing still on digital finance in Indonesia and has recently acquired a local bank Bank BKE, which has been renamed SeaBank, which we also discuss below. <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> probably represents the most serious potential competitive threat for <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>.</p>
<div class="content-highlight">
<p>Valuations for the merged <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> and <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a> have crept up to US$35bn-US$40bn and no doubt an early success with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> will help it command a higher multiple on the listing of the combined entity. </p>
</div>

Gojek (1379371D IJ) just had a vote of confidence in its digital financial strategy, with GIC (Singapore's Sovereign Wealth Fund) revealing that it will invest in Bank Jago Tbk PT (ARTO IJ), where Gojek recently increased its own stake to 22.16%. 
GIC will invest around US$225m to acquire circa 9% stake in Bank Jago Tbk PT (ARTO IJ) through a rights issue to take place in March.
The Indonesian bank is already in the process of transforming itself into a digital bank but bringing in GIC as a shareholder will bring comfort in terms of governance of the bank, as well as obviously bringing new funds.
Bank Jago Tbk PT (ARTO IJ) will secure IDR7tn or US$497.3m through the issuance of new shares, increasing its total capital to IDR8tn or US$564.4m.
The potential customer base for Bank Jago Tbk PT (ARTO IJ) will be even larger assuming the Gojek-Tokopedia merger goes through, opening up Tokopedia's customers and sellers as potential customers. 
Sea Ltd (SE US) is not standing still on digital finance in Indonesia and has recently acquired a local bank Bank BKE, which has been renamed SeaBank, which we also discuss below. Sea Ltd (SE US) probably represents the most serious potential competitive threat for Bank Jago Tbk PT (ARTO IJ).

Valuations for the merged Gojek (1379371D IJ) and Tokopedia PT (1087142D IJ) have crept up to US$35bn-US$40bn and no doubt an early success with Bank Jago Tbk PT (ARTO IJ) will help it command a higher multiple on the listing of the combined entity. 


Gojek (1379371D IJ) - A Leg Up for Digital Finance?

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<p>DoorDash is one of our highest conviction shorts for 2021. It has a massively unprofitable business model with unstable market share that must be protected through unlimited spending. We think this is a $60-70 stock eventually.</p>

DoorDash is one of our highest conviction shorts for 2021. It has a massively unprofitable business model with unstable market share that must be protected through unlimited spending. We think this is a $60-70 stock eventually.

Technology augmented investing

Lazarus Goh

Augmenting fundamental investing with technology

Open Diligence

We aim to a) increase the efficacy of investment processes with technology and b) utilize alternative data to gain an additional perspective on equity names

Thematic (Sector/Industry)

<p>We programmatically scanned through all company filings in the US to find companies that have exposure to the autonomous driving thematic play. The output is 45 companies that have varying relevance across the autonomous driving value chain.</p>

We programmatically scanned through all company filings in the US to find companies that have exposure to the autonomous driving thematic play. The output is 45 companies that have varying relevance across the autonomous driving value chain.

"Autonomous Driving" Thematic Exposure and Where to Find Them (Autos)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (DIDA HK)</a> operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/dida-ipo-initiation-sharing-a-lift" target="_blank" data-smartkarma-citation="insights:47652" rel="noopener">Dida IPO Initiation: Sharing a Lift</a>, we opined that Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look. In this note, we present our forecasts and take the first look at Dida's valuation. </p></div></div></div>

Dida (DIDA HK) operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports.In Dida IPO Initiation: Sharing a Lift, we opined that Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look. In this note, we present our forecasts and take the first look at Dida's valuation. 

<p><a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (DIDA HK)</a> operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports. Dida is backed by <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO Inc (NIO US)</a>’s founder (Mr Bin Li), <a href="https://www.smartkarma.com/entities/bitauto-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:12004:1" rel="noopener">Bitauto Holdings (BITA US)</a>, Hillhouse Capital, <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> and <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a>. </p><div class="content-highlight"><p>Dida is a play on China’s carpooling market which is an increasingly accepted mobility option in China. In recent years, Chinese regulators have released various policies and guidelines to tackle traffic congestion and carbon emissions, including a commitment to promote carpooling under a regulatory framework. Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look.   </p></div>

Dida (DIDA HK) operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports. Dida is backed by NIO Inc (NIO US)’s founder (Mr Bin Li), Bitauto Holdings (BITA US), Hillhouse Capital, JD.com Inc (ADR) (JD US) and Trip.com (TCOM US). Dida is a play on China’s carpooling market which is an increasingly accepted mobility option in China. In recent years, Chinese regulators have released various policies and guidelines to tackle traffic congestion and carbon emissions, including a commitment to promote carpooling under a regulatory framework. Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look.   

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Gojek (1379371D IJ) - A Leg Up for Digital Finance?

The move by GIC to invest in Bank Jago represents a vote of confidence in Gojek's digital financial strategy and places it ahead of its competitors...

Angus Mackintosh

DoorDash: Run for the Exits

DoorDash is one of our top short picks for 2021. We think the earnings implosion is just the start as it fails to comp its outrageously fortunate...

Aaron Gabin

"Autonomous Driving" Thematic Exposure and Where to Find Them (Autos)

Which companies have exposure to the autonomous driving value chain? We programmatically scanned through US annual reports and found 45 US...

Lazarus Goh

Dida IPO: Valuation First Look

Dida is seeking listing approval to raise $500m through a Hong Kong listing. In this note, we present our forecasts and take the first look at...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gojek (1379371D IJ) - A Leg Up for Digital Finance?

The move by GIC to invest in Bank Jago represents a vote of confidence in Gojek's digital financial strategy and places it ahead of its competitors...

Angus Mackintosh

DoorDash: Run for the Exits

DoorDash is one of our top short picks for 2021. We think the earnings implosion is just the start as it fails to comp its outrageously fortunate...

Aaron Gabin

"Autonomous Driving" Thematic Exposure and Where to Find Them (Autos)

Which companies have exposure to the autonomous driving value chain? We programmatically scanned through US annual reports and found 45 US...

Lazarus Goh

Dida IPO: Valuation First Look

Dida is seeking listing approval to raise $500m through a Hong Kong listing. In this note, we present our forecasts and take the first look at...

Arun George

Dida IPO Initiation: Sharing a Lift

Dida is seeking listing approval to raise $500 million through an HK listing. Dida is an attractive new economy company that combines high growth...

Arun George