Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, 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.

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>GoTo’s share price lost more than 75% last year following its weaker-than-expected performance and lock-up expiry despite the company entering into a coordinated secondary offering of shares with pre-IPO shareholders.</li>
<li>The company’s share price has moved up 24% YTD partially driven by cost cutting measures that is expected to improve the company’s profitability.</li>
<li>Nevertheless, we expect this share price rebound to be temporary with e-commerce and food delivery market in Indonesia slowing down.</li>
</ul>


GoTo’s share price lost more than 75% last year following its weaker-than-expected performance and lock-up expiry despite the company entering into a coordinated secondary offering of shares with pre-IPO shareholders.
The company’s share price has moved up 24% YTD partially driven by cost cutting measures that is expected to improve the company’s profitability.
Nevertheless, we expect this share price rebound to be temporary with e-commerce and food delivery market in Indonesia slowing down.


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/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>  is one of Indonesia's most differentiated digital economy players plus it is unusual in that it has one of the longest runways amongst peers at 15 years. </li>
<li>Despite operating a marketplace model, the platform uses this to generate traffic for its other businesses including its O2O Mitra Bukalapak business and its growing online speciality store business. </li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> also has strong ESG credentials, the most obvious of which is in the empowerment of MSMEs through its Mitra business. It is also making headway toward profitability.</li>
</ul>



Bukalapak (BUKA IJ)  is one of Indonesia's most differentiated digital economy players plus it is unusual in that it has one of the longest runways amongst peers at 15 years. 
Despite operating a marketplace model, the platform uses this to generate traffic for its other businesses including its O2O Mitra Bukalapak business and its growing online speciality store business. 

Bukalapak (BUKA IJ) also has strong ESG credentials, the most obvious of which is in the empowerment of MSMEs through its Mitra business. It is also making headway toward profitability.


Bukalapak (BUKA IJ) - Thriving Within a Virtuous Circle

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

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) is looking to raise around US$500m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>In this note, we take an early look at the IPO.</li>
</ul>


Pertamina Geothermal Energy (PGE) is looking to raise around US$500m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
In this note, we take an early look at the IPO.


Pertamina Geothermal Energy IPO Early Look- Ticks the ESG Box but Has Missed Its Targets in the Past

LG Energy Solution / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. </li>
<li>The first week of 2023 saw insights on <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International</a>, which continues to be a global Tourism recovery play, and <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card</a>, as it sees credit costs creeping up.</li>
<li>We also saw a macro piece looking at the stalling of the convergence of Malaysia's per-capita income with developed economies and whether its decline can be thwarted. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. 
The first week of 2023 saw insights on Minor International, which continues to be a global Tourism recovery play, and Krungthai Card, as it sees credit costs creeping up.
We also saw a macro piece looking at the stalling of the convergence of Malaysia's per-capita income with developed economies and whether its decline can be thwarted. 


The Week That Was in ASEAN@Smartkarma - Minor Is Major, Krung Thai Card's Creep, and Halcyon Agri

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)

GoTo: Going Gets Tough

GoTo's share price has moved up 24% YTD, however, we think it could fall as much as it rose with food deliveries and e-commerce markets slowing...

Shifara Samsudeen, ACMA, CGMA

Bukalapak (BUKA IJ) - Thriving Within a Virtuous Circle

Bukalapak (BUKA IJ) also has strong ESG credentials, the most obvious of which is in the empowerment of MSMEs through its Mitra business, and it is...

Angus Mackintosh

Pertamina Geothermal Energy IPO Early Look- Ticks the ESG Box but Has Missed Its Targets in the Past

Pertamina Geothermal Energy is looking to raise around US$500m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which...

Sumeet Singh

Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.

Sumeet Singh

The Week That Was in ASEAN@Smartkarma - Minor Is Major, Krung Thai Card's Creep, and Halcyon Agri

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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