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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<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a> has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok in order to create Indonesia's leading e-commerce platform.</li>
<li>There had been earlier indications that a deal was in the offing but the size of TikTok's stake was surprising plus it has committed to invest US$1.5bn in Tokopedia. </li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> will retain a 24.99% non-dilutive stake and will receive an ongoing revenue stream from Tokopedia in line with its scale and growth contributing directly to its EBITDA. </li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok in order to create Indonesia's leading e-commerce platform.
There had been earlier indications that a deal was in the offing but the size of TikTok's stake was surprising plus it has committed to invest US$1.5bn in Tokopedia. 

GoTo will retain a 24.99% non-dilutive stake and will receive an ongoing revenue stream from Tokopedia in line with its scale and growth contributing directly to its EBITDA. 


External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations.</li><li>We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.</li><li>3Q23 takeaways: GTV growth recovery. The new Gojek &amp; Gopay initiatives (i.e. Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations.We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.3Q23 takeaways: GTV growth recovery. The new Gojek &amp; Gopay initiatives (i.e. Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GoTo (GOTO.IJ IDR 62 BUY.TP IDR 98) Strategic pivot reinforces positive outlook

<ul>
<li>Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations</li>
<li>We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.3Q23 takeaways: GTV growth recovery.Thenew Gojek &amp; Gopay initiatives (i.e</li>
<li>Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations
We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.3Q23 takeaways: GTV growth recovery.Thenew Gojek &amp; Gopay initiatives (i.e
Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GoTo (GOTO.IJ): Strategic Pivot Reinforces Positive Outlook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia's</a> 3Q2023 results were far more illuminating and encouraging than the last 2Qs, with more progress towards adjusted EBITDA breakeven, with much more colour on its new initiatives.</li>
<li>The company's focus on budget consumers and more affordable product offerings are already expanding its TAM and improving product density and productivity, speeding progress towards productivity. </li>
<li>GoTo will continue to invest in growth, which may mean it misses its 4Q adjusted EBITDA breakeven target but it has reduced cash burn significantly giving it more breathing space.</li>
</ul>



GoTo Gojek Tokopedia's 3Q2023 results were far more illuminating and encouraging than the last 2Qs, with more progress towards adjusted EBITDA breakeven, with much more colour on its new initiatives.
The company's focus on budget consumers and more affordable product offerings are already expanding its TAM and improving product density and productivity, speeding progress towards productivity. 
GoTo will continue to invest in growth, which may mean it misses its 4Q adjusted EBITDA breakeven target but it has reduced cash burn significantly giving it more breathing space.


GoTo Gojek Tokopedia (GOTO IJ) - New Initiatives Gaining Traction and Increasing Productivity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a> may see a stabilisation of the declines in GTV that it has experienced over the last 2Qs, with some of the platform's new initiatives gaining traction.</li>
<li>The closure of TikTok Shop should be positive at the margin for Tokopedia but it has also rolled back its platform fee, which has had a positive impact on growth.</li>
<li>New initiatives include GoRide Transit, GoCorp, GoTo PLUS, and the GoPay app, with the latter seeing strong take-up. 3Q2023 results should reveal more details on initiatives. All-time low seems unjustified.</li>
</ul>



GoTo Gojek Tokopedia may see a stabilisation of the declines in GTV that it has experienced over the last 2Qs, with some of the platform's new initiatives gaining traction.
The closure of TikTok Shop should be positive at the margin for Tokopedia but it has also rolled back its platform fee, which has had a positive impact on growth.
New initiatives include GoRide Transit, GoCorp, GoTo PLUS, and the GoPay app, with the latter seeing strong take-up. 3Q2023 results should reveal more details on initiatives. All-time low seems unjustified.


GoTo Gojek Tokopedia (GOTO IJ) - Building Positive Resonance with New Initiatives

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) - TikTok Taking Tokopedia

GoTo Gojek Tokopedia has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok to create Indonesia's leading e-commerce...

Angus Mackintosh

GoTo (GOTO.IJ IDR 62 BUY.TP IDR 98) Strategic pivot reinforces positive outlook

We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.

BRI Danareksa Research

GoTo (GOTO.IJ): Strategic Pivot Reinforces Positive Outlook

Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a...

BRI Danareksa Research

GoTo Gojek Tokopedia (GOTO IJ) - New Initiatives Gaining Traction and Increasing Productivity

GoTo Gojek Tokopedia's 3Q2023 results were far more illuminating and encouraging than the last 2Qs, with more progress towards adjusted EBITDA...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - Building Positive Resonance with New Initiatives

GoTo's new initiatives include GoRide Transit, GoCorp, GoTo PLUS, and the GoPay app, the latter seeing strong take-up. 3Q2023 results should see...

Angus Mackintosh

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