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.

Equity Capital Markets

Bukalapak.com PT Tbk / Equity Capital Markets

Indonesian e-commerce unicorn, <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> kickstarted the book building process for its US$ 1.3-1.5bn IPO on the Indonesia Stock Exchange on 9th July 2021. The offer period is from 28th July to 30th July 2021 while the listing date is expected to be 6th August 2021.
Bukalapak operates in an area of e-commerce that’s not being the target of most mainstream players, allowing the company to maintain robust revenue growth. However, the prospects of making money serving that segment look rather bleak due to the lower profitability of the local mom-and-pop kiosks (warung) market.

Indonesian e-commerce unicorn, Bukalapak (BUKA IJ) kickstarted the book building process for its US$ 1.3-1.5bn IPO on the Indonesia Stock Exchange on 9th July 2021. The offer period is from 28th July to 30th July 2021 while the listing date is expected to be 6th August 2021.
Bukalapak operates in an area of e-commerce that’s not being the target of most mainstream players, allowing the company to maintain robust revenue growth. However, the prospects of making money serving that segment look rather bleak due to the lower profitability of the local mom-and-pop kiosks (warung) market.

Bukalapak IPO: Reaching Hard to Reach Areas but Prospects of Profitability Is Bleak

APAC IPOs & Placements

Zhen Zhou, Toh

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.

<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> is looking to raise up to US$1.13bn in its Indonesia IPO.Bukalapak (BUKA) is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace that connects buyers and sellers. The company also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to micro, small and medium enterprises (MSMEs).In this note, we will look at the company’s business and share our thoughts on the IPO.

Bukalapak (BUKA IJ) is looking to raise up to US$1.13bn in its Indonesia IPO.Bukalapak (BUKA) is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace that connects buyers and sellers. The company also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to micro, small and medium enterprises (MSMEs).In this note, we will look at the company’s business and share our thoughts on the IPO.

Bukalapak IPO - Structural Tailwinds with a Noble Cause

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 IPO: Reaching Hard to Reach Areas but Prospects of Profitability Is Bleak

At the proposed IPO price range, Bukalapak is trading at 41.9-47.6x 2020 EV/Sales, which is not cheap, especially for a company that may not be...

Oshadhi Kumarasiri

Bukalapak IPO - Structural Tailwinds with a Noble Cause

Bukalapak (BUKA) is an Indonesian e-commerce company. The company is raising US$1.13bn in its IPO and counts various reputable institutional...

Zhen Zhou, Toh

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