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-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a> 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY, and 3Q2024 group-adjusted EBITDA in positive territory. </li>
<li>The fintech segment saw outstanding loans up 3x in 3Q2024 but NPLs remained low at around 1%, with the segment expected to breakeven by 4Q2024, one year ahead of expectations.</li>
<li>On-Demand services saw strong growth and improved profitability, driven by increasing MTUs through hemat products and the rollout of more premium product offerings. Expect adjusted EBITDA breakeven for FY2024 . </li>
</ul>



GoTo Gojek Tokopedia 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY, and 3Q2024 group-adjusted EBITDA in positive territory. 
The fintech segment saw outstanding loans up 3x in 3Q2024 but NPLs remained low at around 1%, with the segment expected to breakeven by 4Q2024, one year ahead of expectations.
On-Demand services saw strong growth and improved profitability, driven by increasing MTUs through hemat products and the rollout of more premium product offerings. Expect adjusted EBITDA breakeven for FY2024 . 


GoTo Gojek Tokopedia (GOTO IJ) - Fintech Leading The Charge

<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> together with <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group Holding</a> announced a strategic partnership that locks the latter in for the next 5-years, with GOTO committing to utilising Alibaba Cloud.</li>
<li>This move lifts a significant share price overhang and should provide GOTO with both cost benefits and AI capabilities cementing and aligning the interests of the two companies. </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 Gojek Tokopedia (GOTO IJ)</a> continues to move the needle on its progress towards adjusted EBITDA breakeven by 4Q2024 led by product-led initiatives. </li>
</ul>



GoTo Gojek Tokopedia together with Alibaba Group Holding announced a strategic partnership that locks the latter in for the next 5-years, with GOTO committing to utilising Alibaba Cloud.
This move lifts a significant share price overhang and should provide GOTO with both cost benefits and AI capabilities cementing and aligning the interests of the two companies. 

GoTo Gojek Tokopedia (GOTO IJ) continues to move the needle on its progress towards adjusted EBITDA breakeven by 4Q2024 led by product-led initiatives. 


GoTo Gojek Tokopedia(GOTO IJ) - Lifting Clouds

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.

Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<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>In this note, we will talk about the company's valuation.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
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.
In this note, we will talk about the company's valuation.


GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%</li>
<li>Improved revenue mix and effective OpEx control contributed to higher margins</li>
<li>Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8</li>
</ul>


Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%
Improved revenue mix and effective OpEx control contributed to higher margins
Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8


Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

<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 (GOTO IJ)</a>"'s 2Q2024 reflected an ongoing focus on growth as the company invested in both its On Demand Services and its Fintech segments driven by its product-led initiatives.</li>
<li>The company's growth was driven by the mass market, subscription products, and premium offerings such as express deliveries, which helped to boost both frequency and retention on the platform. </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 continue to benefit from the service fee from Tokopedia, which can be used to drive its core ODS and Fintech businesses. The stock overhang is a temporary drag.</li>
</ul>



GoTo (GOTO IJ)"'s 2Q2024 reflected an ongoing focus on growth as the company invested in both its On Demand Services and its Fintech segments driven by its product-led initiatives.
The company's growth was driven by the mass market, subscription products, and premium offerings such as express deliveries, which helped to boost both frequency and retention on the platform. 

GoTo will continue to benefit from the service fee from Tokopedia, which can be used to drive its core ODS and Fintech businesses. The stock overhang is a temporary drag.


GoTo Gojek Tokopedia (GOTO IJ) - Product-Led Initiatives Driving Growth and Profitability

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 Gojek Tokopedia (GOTO IJ) - Fintech Leading The Charge

GoTo Gojek Tokopedia 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY,...

Angus Mackintosh

GoTo Gojek Tokopedia(GOTO IJ) - Lifting Clouds

Alibaba's agreement to lock up its GOTO stake for 5 years in exchange for using Alibaba Cloud services lifts a share price overhang, aligning...

Angus Mackintosh

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

Full Truck Alliance's shares shot up 15% on November 20 after the company reported another set of impressive results. We still like the company but...

Tracking Traffic

GoTo Gojek Tokopedia (GOTO IJ) - Product-Led Initiatives Driving Growth and Profitability

GoTo (GOTO IJ)"'s 2Q2024 reflected an ongoing focus on growth as the company invested in both its On Demand Services and its Fintech segments...

Angus Mackintosh

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