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

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  </li>
<li>1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>'s guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.</li>
</ul>



GoTo announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  
1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.


GoTo (GOTO IJ) - Ploughing a Path to Profitability

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Private Capital Markets

Getir Perakende Lojistik AS / Private Capital Markets

<ul>
<li>Getir has been one of the hottest tech companies in Europe from Turkey, with its valuation reaching c. $12 billion in March this year.</li>
<li>Intense competition has put pressure on the topline. There's no clear path to profitability in the medium term, as players in the sector are still burning capital to build scale.</li>
<li>Future consolidation in the Q-commerce sector is given. Diversification is likely the way forward for current leaders to create more ways to monetize from its users.</li>
</ul>


Getir has been one of the hottest tech companies in Europe from Turkey, with its valuation reaching c. $12 billion in March this year.
Intense competition has put pressure on the topline. There's no clear path to profitability in the medium term, as players in the sector are still burning capital to build scale.
Future consolidation in the Q-commerce sector is given. Diversification is likely the way forward for current leaders to create more ways to monetize from its users.


Getir: Turnover Is Vanity, Profit Is Sanity, And Cash Is Reality

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/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:163915" rel="noopener">Swiggy IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:164347" rel="noopener">Swiggy IPO: The Bear Case</a>. 
</li>
<li>Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.
We previously discussed the IPO in Swiggy IPO: The Bull Case and Swiggy IPO: The Bear Case. 

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.4 billion through an IPO at a price range of Rs371-390.</li>
<li>In <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:163915" rel="noopener">Swiggy IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on food delivery and Instamart's lagging Zomato on key metrics, ongoing losses, and cash burn.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.4 billion through an IPO at a price range of Rs371-390.
In Swiggy IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on food delivery and Instamart's lagging Zomato on key metrics, ongoing losses, and cash burn.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.4 billion at a valuation of US$11.3 billion. </li>
<li>Unlike <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>’s (the key competitor) multi-app approach, Swiggy’s approach is to provide users with an integrated app offering.</li>
<li>The bull case rests on strong customer retention, food delivery hitting break-even, Instamart’s rapid growth and declining losses, and Out-of-Home Consumption’s strong growth and declining losses.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.4 billion at a valuation of US$11.3 billion. 
Unlike Zomato (ZOMATO IN)’s (the key competitor) multi-app approach, Swiggy’s approach is to provide users with an integrated app offering.
The bull case rests on strong customer retention, food delivery hitting break-even, Instamart’s rapid growth and declining losses, and Out-of-Home Consumption’s strong growth and declining losses.


United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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GoTo (GOTO IJ) - Ploughing a Path to Profitability

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to...

Angus Mackintosh

Getir: Turnover Is Vanity, Profit Is Sanity, And Cash Is Reality

Getir's valuation just reached $12 billion in March this year. But, behind the fancy price tag, what are the challenges brewing in the sector? What...

Alec Tseung

Swiggy IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

Swiggy IPO: The Bear Case

Swiggy aims to raise up to US$1.4 billion. The bear case rests on food delivery and Instamart's lagging Zomato on key metrics, ongoing losses, and...

Arun George

Swiggy IPO: The Bull Case

The bull case rests on strong customer retention, food delivery hitting break-even, Instamart’s rapid growth and declining losses, and Out-of-Home...

Arun George

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