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

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<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> 1Q2023 were impressive given the group is now contribution margin positive for all its divisions plus making good headway towards positive Adjusted EBITDA by 4Q2023. </li>
<li>This came at a cost with substantial QoQ declines in GTV for both ODS and e-commerce but better take rates offset this decline. Further significant declines may raise concerns.</li>
<li>GoTo Logistics and GoPay's lending business are key foundational focus areas to underpin a lower cost to serve and higher future growth. Valuations remain reasonable relative to peers. </li>
</ul>



GoTo (GOTO IJ) 1Q2023 were impressive given the group is now contribution margin positive for all its divisions plus making good headway towards positive Adjusted EBITDA by 4Q2023. 
This came at a cost with substantial QoQ declines in GTV for both ODS and e-commerce but better take rates offset this decline. Further significant declines may raise concerns.
GoTo Logistics and GoPay's lending business are key foundational focus areas to underpin a lower cost to serve and higher future growth. Valuations remain reasonable relative to peers. 


GoTo (GOTO IJ) - Foundations Laid for Profitable Growth

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.

Event-Driven

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<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, raised around US$630m in its Japan IPO.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.


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<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> registered a strong start to the year with strong growth across most of its major divisions in 1Q2023, including 4W, 2W, Financial Services, and Heavy Equipment. </li>
<li>The company's market share in the auto business remained stable and increased for motorcycles, whilst heavy equipment and mining benefited from higher coal prices and infrastructure improving revenues on toll-roads.</li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra</a> has launched a new JV with Equinix to build data centres in Indonesia, which makes an interesting addition to its digital economy exposure. Valuations are attractive relative to history. </li>
</ul>



Astra International (ASII IJ) registered a strong start to the year with strong growth across most of its major divisions in 1Q2023, including 4W, 2W, Financial Services, and Heavy Equipment. 
The company's market share in the auto business remained stable and increased for motorcycles, whilst heavy equipment and mining benefited from higher coal prices and infrastructure improving revenues on toll-roads.

Astra has launched a new JV with Equinix to build data centres in Indonesia, which makes an interesting addition to its digital economy exposure. Valuations are attractive relative to history. 


Astra International (ASII IJ) - A Solid Start with Data in Mind

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<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> provides unique exposure across Indonesia's mobility ecosystem from car leasing to auctions and omnichannel used car sales together with logistics and last-mile delivery.</li>
<li>The company booked relatively strong sales growth last year, with very strong growth from used cars and logistics with slower auctions but profitability was impacted by bigger losses at Anteraja.</li>
<li>The outlook for 2023 looks more positive for both sales and profitability, with the ongoing growth in used car sales, recovery in the auction business, and last mile under Anteraja. </li>
</ul>



Adi Sarana Armada (ASSA IJ) provides unique exposure across Indonesia's mobility ecosystem from car leasing to auctions and omnichannel used car sales together with logistics and last-mile delivery.
The company booked relatively strong sales growth last year, with very strong growth from used cars and logistics with slower auctions but profitability was impacted by bigger losses at Anteraja.
The outlook for 2023 looks more positive for both sales and profitability, with the ongoing growth in used car sales, recovery in the auction business, and last mile under Anteraja. 


Adi Sarana Armada (ASSA IJ) - Adapting Speedily to the New 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

Trimegah Bangun Persada Tbk PT / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> priced its IPO at IDR1,250 per share to raise gross proceeds of US$660 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:97906" rel="noopener">Harita Nickel IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:98452" rel="noopener">Harita Nickel IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:98558" rel="noopener">Harita Nickel IPO: Valuation Insights</a>.  </li>
<li>Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) priced its IPO at IDR1,250 per share to raise gross proceeds of US$660 million. The shares will start trading tomorrow.
We previously discussed the IPO in Harita Nickel IPO: The Bull Case, Harita Nickel IPO: The Bear Case and Harita Nickel IPO: Valuation Insights.  
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.


Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

GoTo (GOTO IJ) - Foundations Laid for Profitable Growth

GoTo 1Q2023 numbers were impressive with the group now contribution margin positive for all its divisions plus making good headway towards positive...

Angus Mackintosh

Rakuten Bank IPO Trading - Ample Upside

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO. In this note, we talk about the...

Sumeet Singh

Astra International (ASII IJ) - A Solid Start with Data in Mind

Astra International (ASII IJ) registered a strong start to the year with strong growth across most of its major divisions in 1Q2023, including 4W,...

Angus Mackintosh

Adi Sarana Armada (ASSA IJ) - Adapting Speedily to the New Reality

Adi Sarana Armada (ASSA IJ) provide unique exposure across Indonesia's mobility ecosystem from Car leasing to auctions and omnichannel used car...

Angus Mackintosh

Harita Nickel IPO: Trading Debut

Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains...

Arun George

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