Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Amman Mineral Internasional / Event-Driven

<ul>
<li>There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a>, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI)</a> and <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR)</a>. </li>
<li>The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.</li>
</ul>


There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN), Bank Rakyat Indonesia (BBRI), Bank Central Asia (BBCA), Bank Mandiri Persero (BMRI) and Jasa Marga (Persero) (JSMR). 
The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.


IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>We see a pathway for GOTO to deliver positive EBITDA towards the end of 2023, given foreseen recovery in GTV in 3Q23 that shall offer momentum in 4Q23.</li><li>We expect this will be accompanied by fixed costs synergies between platforms, inline with the new CEO’s expectations.</li><li>Positive EBITDA shall allow GOTO to seek more GTV growth in 2024 with less limitations on investments to protect market share and less rationalization measures. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We see a pathway for GOTO to deliver positive EBITDA towards the end of 2023, given foreseen recovery in GTV in 3Q23 that shall offer momentum in 4Q23.We expect this will be accompanied by fixed costs synergies between platforms, inline with the new CEO’s expectations.Positive EBITDA shall allow GOTO to seek more GTV growth in 2024 with less limitations on investments to protect market share and less rationalization measures. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GoTo Gojek Tokopedia - Positive EBITDA to Sustain GOTO Growth Mode

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a> released results for 2Q2023, which reflected a slower growth environment exacerbated by lower incentive spend but some significant progress towards its profitability goals for 2023.</li>
<li>The company continues to focus on maintaining high-quality users but with an increasing focus on more affordable offerings to expand its demographic reach with the potential to double its users.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> is undergoing a full assessment across all divisions, with a focus on improving synergies, with new strategies for growth to be revealed next quarter.</li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) released results for 2Q2023, which reflected a slower growth environment exacerbated by lower incentive spend but some significant progress towards its profitability goals for 2023.
The company continues to focus on maintaining high-quality users but with an increasing focus on more affordable offerings to expand its demographic reach with the potential to double its users.

GoTo is undergoing a full assessment across all divisions, with a focus on improving synergies, with new strategies for growth to be revealed next quarter.


GoTo Gojek Tokopedia (GOTO IJ) - Striking a New Balance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. </li>
<li>2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a>.</li>
</ul>



GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. 
2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.

GoTo has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with Bank Jago.


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Based on returns and margins, US-listed Full Truck Alliance is best comp</li>
<li>Lalatech probably deserves premium valuation multiples vs Full Truck Alliance </li>
<li>An equity valuation of US$11bn+ justifiable; will investors look at recent flops?</li>
</ul>


Based on returns and margins, US-listed Full Truck Alliance is best comp
Lalatech probably deserves premium valuation multiples vs Full Truck Alliance 
An equity valuation of US$11bn+ justifiable; will investors look at recent flops?


Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

GoTo Gojek Tokopedia - Positive EBITDA to Sustain GOTO Growth Mode

We see a pathway for GOTO to deliver positive EBITDA towards the end of 2023, given foreseen recovery in GTV in 3Q23 that shall offer momentum in...

BRI Danareksa Research

GoTo Gojek Tokopedia (GOTO IJ) - Striking a New Balance

GoTo released results for 2Q2023, which reflected a slower growth environment exacerbated by lower incentive spend but some significant progress...

Angus Mackintosh

GoTo (GOTO IJ) - Shifting the Needle?

GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place.

Angus Mackintosh

Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

What are the best comps for Lalatech, which valuation multiples should we focus on, and does the company deserve a premium valuation relative to...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

GoTo Gojek Tokopedia - Positive EBITDA to Sustain GOTO Growth Mode

We see a pathway for GOTO to deliver positive EBITDA towards the end of 2023, given foreseen recovery in GTV in 3Q23 that shall offer momentum in...

BRI Danareksa Research

GoTo Gojek Tokopedia (GOTO IJ) - Striking a New Balance

GoTo released results for 2Q2023, which reflected a slower growth environment exacerbated by lower incentive spend but some significant progress...

Angus Mackintosh

GoTo (GOTO IJ) - Shifting the Needle?

GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place.

Angus Mackintosh

Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

What are the best comps for Lalatech, which valuation multiples should we focus on, and does the company deserve a premium valuation relative to...

Tracking Traffic

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes