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. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bukalapak.com PT Tbk / Equity Capital Markets

<ul>
<li>Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.</li>
<li>Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.</li>
<li>The pre-IPO shareholders will be released from the lockup on 6th April 2022.</li>
</ul>


Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.
Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.
The pre-IPO shareholders will be released from the lockup on 6th April 2022.


Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

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.

<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

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

<ul>
<li>With the penetration rate as high as 42%, Mitra could be fast running out of room for growth.</li>
<li>Consensus seems to be overestimating <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>’s 2021 and 2022 revenue by 22% and 40% respectively.</li>
<li>At 6.0x consensus FY+2 revenue, Bukalapak is still expensive compared to the peer average of 4.3x.</li>
</ul>


With the penetration rate as high as 42%, Mitra could be fast running out of room for growth.
Consensus seems to be overestimating Bukalapak (BUKA IJ)’s 2021 and 2022 revenue by 22% and 40% respectively.
At 6.0x consensus FY+2 revenue, Bukalapak is still expensive compared to the peer average of 4.3x.


Bukalapak: Still Overvalued & Former CEO’s Ownership Is an Overhang

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

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

Bukalapak: Still Overvalued & Former CEO’s Ownership Is an Overhang

If Bukalapak maintains the revenue trajectory, which sounds a bit optimistic considering that Mitra is running out of room for growth, Bukalapak's...

Oshadhi Kumarasiri

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

Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range. The pre-IPO shareholders will be released...

Sumeet Singh

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

Bukalapak: Still Overvalued & Former CEO’s Ownership Is an Overhang

If Bukalapak maintains the revenue trajectory, which sounds a bit optimistic considering that Mitra is running out of room for growth, Bukalapak's...

Oshadhi Kumarasiri