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>The headlines for <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s recent results looked encouraging but the higher driver and consumer incentives hit revenues and profitability towards the end of the year but this is temporary.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> is facing stiffer competition in the region, especially from <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> and Shopee Food but is defending its lead and preparing for higher growth in mobility requiring investment.</li>
<li>Increasing exposure in digital financial services plus more focus on verticals such as online groceries bodes well for future growth. A market cap of US$12.5bn with US$6.8bn in net cash.</li>
</ul>


The headlines for Grab's recent results looked encouraging but the higher driver and consumer incentives hit revenues and profitability towards the end of the year but this is temporary.

Grab (GRAB US) is facing stiffer competition in the region, especially from GoTo and Shopee Food but is defending its lead and preparing for higher growth in mobility requiring investment.
Increasing exposure in digital financial services plus more focus on verticals such as online groceries bodes well for future growth. A market cap of US$12.5bn with US$6.8bn in net cash.


Grab (GRAB US) - A Rough Ride for Now but Smoother Terrain Ahead

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> is currently trading at US$5.80 per share, more than 50.0% below its IPO price of US$13.06 per share.</li>
<li>The company’s mobility business was severely impacted due to the pandemic and has not yet recovered to pre-pandemic levels. Grab is reporting 4Q2021E results on Thursday (03rd March).</li>
<li>As most of the countries in the SEA region opens up economies with Omicron-related fears fading, we expect gradual recovery in mobility business which should help re-rate Grab’s shares upwards.</li>
</ul>



Grab (GRAB US) is currently trading at US$5.80 per share, more than 50.0% below its IPO price of US$13.06 per share.
The company’s mobility business was severely impacted due to the pandemic and has not yet recovered to pre-pandemic levels. Grab is reporting 4Q2021E results on Thursday (03rd March).
As most of the countries in the SEA region opens up economies with Omicron-related fears fading, we expect gradual recovery in mobility business which should help re-rate Grab’s shares upwards.


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.

Private Capital Markets

GoTo Gojek Tokopedia Tbk PT / Private Capital Markets

<ul>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>GoTo raised more than US$1.3bn in its pre-IPO funding which was reported in November 2021, see here.  Valuation was said to be between  US$28.5-30.0bn.</li>
<li>The company had already announced that it would look to undertake a dual listing in Indonesia and the US.</li>
</ul>


GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
GoTo raised more than US$1.3bn in its pre-IPO funding which was reported in November 2021, see here.  Valuation was said to be between  US$28.5-30.0bn.
The company had already announced that it would look to undertake a dual listing in Indonesia and the US.


GoTo Tearsheet - Accounts for 2% of Indonesia's Economy

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 pasy week in insights on <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia</a> following the news that Jerry Ng of <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a> will take a controlling stake plus an update on microlender <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat</a>.</li>
<li>We also look at OVO's destiny, food delivery, and explore why Buy Now Pay Later is different in South East Asia plus the rising importance of ESG for Indonesian investors.</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 pasy week in insights on BFI Finance Indonesia following the news that Jerry Ng of Bank Jago will take a controlling stake plus an update on microlender Bank Rakyat.
We also look at OVO's destiny, food delivery, and explore why Buy Now Pay Later is different in South East Asia plus the rising importance of ESG for Indonesian investors.


The Week That Was in ASEAN@Smartkarma - Bank Rakyat Indonesia, Buy Now Pay Later, and BFI Finance

Thematic (Sector/Industry)

<ul>
<li>Buy Now Pay Later (BNPL) is the happening area in South-East Asia fintech, and especially in Indonesia, where there are already 10 players vying for share in an embryonic market.</li>
<li>Cracks have begun to appear with BNPL in more developed markets on profitability and regulation but we see huge potential for upside in South-East Asia given few credit alternatives.</li>
<li>The Finaccel listing through a SPAC merger will focus investor interest on the space, given its subsidiary Kredivo has 50% share of the Indonesian BNPL market.</li>
</ul>


Buy Now Pay Later (BNPL) is the happening area in South-East Asia fintech, and especially in Indonesia, where there are already 10 players vying for share in an embryonic market.
Cracks have begun to appear with BNPL in more developed markets on profitability and regulation but we see huge potential for upside in South-East Asia given few credit alternatives.
The Finaccel listing through a SPAC merger will focus investor interest on the space, given its subsidiary Kredivo has 50% share of the Indonesian BNPL market.


CrossASEAN Digital - Is Buy Now Pay Later Different for South-East Asia?

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)

Grab (GRAB US) - A Rough Ride for Now but Smoother Terrain Ahead

Grab's recent results looked encouraging in terms of headline GMV but the higher driver and consumer incentives hit revenues and profitability...

Angus Mackintosh

Grab Earnings Preview: Recovery Ahead

We expect Grab’s earnings to start recovering from 4Q2022E onwards with recovery in mobility segment as economies fully reopen in the SEA region....

Shifara Samsudeen, ACMA, CGMA

GoTo Tearsheet - Accounts for 2% of Indonesia's Economy

GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and...

Sumeet Singh

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Indonesia, Buy Now Pay Later, and BFI Finance

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

Angus Mackintosh

CrossASEAN Digital - Is Buy Now Pay Later Different for South-East Asia?

Buy Now Pay Later (BNPL) is the happening area in South-East Asia fintech, and especially in Indonesia, where there are already 10 players vying...

Angus Mackintosh

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