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>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> has seen a sharp share price rebound recently with speculation over a tie up with Temu, which appears ill-founded, with the only newsflow being a Director resigning.</li>
<li>The company swung back into a slight negative adjusted EBITDA in 2Q2024, mainly due to the seasonal impact of Lebaran on its O2O business and increased competition in virtual products.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a> remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace, with increasing take rates ahead. Dealing with excess cash is a potential catalyst. </li>
</ul>



Bukalapak (BUKA IJ) has seen a sharp share price rebound recently with speculation over a tie up with Temu, which appears ill-founded, with the only newsflow being a Director resigning.
The company swung back into a slight negative adjusted EBITDA in 2Q2024, mainly due to the seasonal impact of Lebaran on its O2O business and increased competition in virtual products.

Bukalapak remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace, with increasing take rates ahead. Dealing with excess cash is a potential catalyst. 


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.

Thematic (Sector/Industry)

<ul><li>BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem Operations</li><li>On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.</li><li>All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)</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>

BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem OperationsOn April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)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.

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atrenew-inc" target="_blank" data-smartkarma-citation="entities:33426:1" rel="noopener">ATRenew (RERE US)</a> operates the largest pre-owned consumer electronics transactions and services platform in China. It is listed in June 2021 at US$14 per ADS. </li>
<li>The shares are down 63% YTD largely due to the tech market sell-off. Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks.</li>
<li>The valuation is undemanding compared to a peer group of pre-owned marketplaces and global online retail marketplaces. It will also appeal to investors with an ESG mandate.</li>
</ul>



ATRenew (RERE US) operates the largest pre-owned consumer electronics transactions and services platform in China. It is listed in June 2021 at US$14 per ADS. 
The shares are down 63% YTD largely due to the tech market sell-off. Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks.
The valuation is undemanding compared to a peer group of pre-owned marketplaces and global online retail marketplaces. It will also appeal to investors with an ESG mandate.


ATRenew (RERE US): Pre-Owned Satisfaction

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar we are glad to welcome Bukalapak’s Director - Strategy, Corp Comms and IR, Carl Reading.</p>
<p>In the upcoming webinar, Carl will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Henry Soediarko. The Corporate Webinar will include a live Q&amp;A session.</p>
<h3>The webinar will be hosted on Tuesday, 20 September 2022, 17:00 SGT/HKT.</h3>
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<h2><strong><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87475571917" target="_blank" rel="noopener">Register for the Webinar here</a></strong></h2>
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<div>
<p>Bukalapak (BUKA IJ) is an Indonesian-based technology company founded in 2010, with a focus on helping to create a “Fair Economy for All”. Through their online and offline commerce platforms, BUKA wants to provide everyone with better options and opportunities to get more out of life. BUKA is currently serving more than 6.8 million merchants, 14.2 million Mitra Bukalapak partners and more than 110 million users. Bukalapak recently invested a significant minority stake in AlloBank (Digital Bank) and AlloFresh (E-Groceries) to expand their product offering.</p>
</div>

For our next Corporate Webinar we are glad to welcome Bukalapak’s Director - Strategy, Corp Comms and IR, Carl Reading.
In the upcoming webinar, Carl will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Henry Soediarko. The Corporate Webinar will include a live Q&amp;A session.
The webinar will be hosted on Tuesday, 20 September 2022, 17:00 SGT/HKT.



Register for the Webinar here




Bukalapak (BUKA IJ) is an Indonesian-based technology company founded in 2010, with a focus on helping to create a “Fair Economy for All”. Through their online and offline commerce platforms, BUKA wants to provide everyone with better options and opportunities to get more out of life. BUKA is currently serving more than 6.8 million merchants, 14.2 million Mitra Bukalapak partners and more than 110 million users. Bukalapak recently invested a significant minority stake in AlloBank (Digital Bank) and AlloFresh (E-Groceries) to expand their product offering.


Smartkarma Corporate Webinar | BUKA: Profitability on the Horizon Through Mitra's & Specialty Stores

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

Index Rebalance

<ul>
<li>There is 1 constituent change for the IDX30 Index and 2 changes for the IDX80 Index to be implemented at the close on 30 April.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a>, <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</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</a>, <a href="https://www.smartkarma.com/entities/bank-tabungan-negara-persero" target="_blank" data-smartkarma-citation="entities:731:1" rel="noopener">Bank Tabungan Negara Persero</a>, <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy</a> and <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak.com PT Tbk</a>.</li>
<li>There are only 4 days to implementation, so there could be relatively big moves on the changes to the IDX30 Index.</li>
</ul>


There is 1 constituent change for the IDX30 Index and 2 changes for the IDX80 Index to be implemented at the close on 30 April.
The largest passive flows are expected in Bank Rakyat Indonesia, Bank Jago Tbk PT, Bank Mandiri Persero, Bank Tabungan Negara Persero, Adaro Energy and Bukalapak.com PT Tbk.
There are only 4 days to implementation, so there could be relatively big moves on the changes to the IDX30 Index.


IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

Indonesia

Bukalapak.com PT Tbk provides e-discretionary services. The Company offers range of electronics, food, shoes, apparel, watches, bags, cosmetics products, and other accessories. Bukalapak.com serves customers in Indonesia.

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Bukalapak.com PT Tbk (BUKA IJ)

Bukalapak (BUKA IJ) - Changes Afoot?

Bukalapak remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace and increasing take rates...

Angus Mackintosh

BRIDS TMT News - Friday, April 25, 2025

On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal...

BRI Danareksa Research

ATRenew (RERE US): Pre-Owned Satisfaction

Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks. The valuation remains undemanding.

Arun George

Smartkarma Corporate Webinar | BUKA: Profitability on the Horizon Through Mitra's & Specialty Stores

Carl Reading, Bukalapak’s Director of Strategy, Corp Comms and IR, will share a short company presentation. After which, he will engage in a...

Smartkarma Research

IDX30/LQ45/IDX80 Index Rebalance: Few Changes

There is 1 constituent change for the IDX30 and 2 for the IDX80, nothing for the LQ45. Flow and impact are material for the IDX30 index changes.

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bukalapak (BUKA IJ) - Changes Afoot?

Bukalapak remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace and increasing take rates...

Angus Mackintosh

BRIDS TMT News - Friday, April 25, 2025

On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal...

BRI Danareksa Research

ATRenew (RERE US): Pre-Owned Satisfaction

Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks. The valuation remains undemanding.

Arun George

Smartkarma Corporate Webinar | BUKA: Profitability on the Horizon Through Mitra's & Specialty Stores

Carl Reading, Bukalapak’s Director of Strategy, Corp Comms and IR, will share a short company presentation. After which, he will engage in a...

Smartkarma Research

IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

There is 1 constituent change for the IDX30 and 2 for the IDX80, nothing for the LQ45. Flow and impact are material for the IDX30 index changes.

Brian Freitas

IDX30/LQ45/IDX80 Index Rebalance: Few Changes