Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

Equity Bottom-Up

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Grab is Southeast Asia’s dominant on-demand platform for ride-hailing and deliveries. It is also one of the top mobile wallet/fintech player in the region.
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Amidst the dramatic turn in macro and capital markets conditions, incentives spending in the industry seems to be coming down fast and across the board as management teams’ focus shifts to profitability.
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While share prices of tech companies have been severely punished, the downturn may also be a positive turning point to catalyze more rational industry behavior moving forward.
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Grab is Southeast Asia’s dominant on-demand platform for ride-hailing and deliveries. It is also one of the top mobile wallet/fintech player in the region.


Amidst the dramatic turn in macro and capital markets conditions, incentives spending in the industry seems to be coming down fast and across the board as management teams’ focus shifts to profitability.


While share prices of tech companies have been severely punished, the downturn may also be a positive turning point to catalyze more rational industry behavior moving forward.



External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We lower 2023F-2025F earnings forecast for ComfortDelGro by 10–12%.</li><li>We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of overseas bus contracts.</li><li>Singapore should continue to see improvement in ridership for rail, reduction in Singapore taxi rental discount from 15% to 10% starting 1 Apr 2023, and the scope to increase commission rates for taxi bookings (ComfortDelGro charges 5% vs 20% for Grab &amp; Gojek), and eventual reduction of incentives offered to taxi drivers in China during 1Q23.</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.

We lower 2023F-2025F earnings forecast for ComfortDelGro by 10–12%.We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of overseas bus contracts.Singapore should continue to see improvement in ridership for rail, reduction in Singapore taxi rental discount from 15% to 10% starting 1 Apr 2023, and the scope to increase commission rates for taxi bookings (ComfortDelGro charges 5% vs 20% for Grab &amp; Gojek), and eventual reduction of incentives offered to taxi drivers in China during 1Q23.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.

ComfortDelGro - Expecting Some Improvement In 2H23; Keep BUY

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

BRI Danareksa Research

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.

Cross Asset Strategy

<ul><li>Strategy: Macro and Flows Tracker - Currency Strength Boosts Flows</li><li>Cigarette: Waiting for change (OVERWEIGHT)</li><li>Cement sales volume March 2023: Monthly volume improved, higher market share for SMGR</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.

Strategy: Macro and Flows Tracker - Currency Strength Boosts FlowsCigarette: Waiting for change (OVERWEIGHT)Cement sales volume March 2023: Monthly volume improved, higher market share for SMGRContent 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.

Research from Tech in Asia, Tech in Asia

Tech in Asia

Research from Tech in Asia

Tech in Asia (YC W15) is the largest English-language technology media company that focuses on Asia. From the latest news to the hottest trends and the boldest startups to the strongest titans, we cover everything tech in the region. Our goal is to build and serve Asia’s tech and startup community.

News from Tech in Asia

Thematic (Sector/Industry)

<ul><li>In 2022, Southeast Asia’s food delivery expenditure reached US$16.3 billion, growing by 5%, a report by Momentum Works showed.</li><li>For the first time in three years, this growth was largely driven by smaller food delivery markets, namely the Philippines, Malaysia, and Vietnam.</li><li>'Meanwhile, Singapore, Indonesia, and Thailand recorded a decline in gross merchandise value (GMV) in the past year.</li></ul>

In 2022, Southeast Asia’s food delivery expenditure reached US$16.3 billion, growing by 5%, a report by Momentum Works showed.For the first time in three years, this growth was largely driven by smaller food delivery markets, namely the Philippines, Malaysia, and Vietnam.'Meanwhile, Singapore, Indonesia, and Thailand recorded a decline in gross merchandise value (GMV) in the past year.

SEA Food Delivery Spending Tops $16.3b in 2022: Report

<ul><li>SeaMoney (a unit of Sea Group) and GoTo overtook Grab in the fintech space among ASEAN countries in 2021 primarily because the latter does not have an ecommerce entity</li><li>The report noted that the growth in fintech revenue in the region was driven by Indonesia. Overall financial inclusion in the region, however, is still low compared to China and the US</li><li>But categories such as digital banking and e-wallets present a huge opportunity to Southeast Asian super app players</li></ul>

SeaMoney (a unit of Sea Group) and GoTo overtook Grab in the fintech space among ASEAN countries in 2021 primarily because the latter does not have an ecommerce entityThe report noted that the growth in fintech revenue in the region was driven by Indonesia. Overall financial inclusion in the region, however, is still low compared to China and the USBut categories such as digital banking and e-wallets present a huge opportunity to Southeast Asian super app players

Sea, GoTo Overtook Grab in ASEAN Fintech Space 2021, Says Report

Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

Deep Dive: GRAB

Grab is Southeast Asia’s dominant on-demand platform for ride-hailing and deliveries. It is also one of the top mobile wallet/fintech player in the...

Value Punks

ComfortDelGro - Expecting Some Improvement In 2H23; Keep BUY

We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of...

RHB Invest

Equity Snapshot: April 17, 2023

See important disclosure at the back of this report bridanareksa sekuritas .co.idContent is external broker report sourced from online content...

BRI Danareksa Research

SEA Food Delivery Spending Tops $16.3b in 2022: Report

In 2022, Southeast Asia’s food delivery expenditure reached US$16.3 billion, growing by 5%, a report by Momentum Works showed.

Tech in Asia

Sea, GoTo Overtook Grab in ASEAN Fintech Space 2021, Says Report

SeaMoney (a unit of Sea Group) and GoTo overtook Grab in the fintech space among ASEAN countries in 2021 primarily because the latter does not...

Tech in Asia

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