Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

In part 4 of this series, I will evaluate the mobile/ e-payment providers on 10 metrics and total their score. Based on their total score, I hope to unveil the region's payment Goliath. This is a continuation of the first three articles featuring six well-known payment providers: Grab, Go-Pay, AirPay, PayPal, Alipay and Wechat Pay. For background reading, please refer to the fork on the right hand side of this article.

In part 4 of this series, I will evaluate the mobile/ e-payment providers on 10 metrics and total their score. Based on their total score, I hope to unveil the region's payment Goliath. This is a continuation of the first three articles featuring six well-known payment providers: Grab, Go-Pay, AirPay, PayPal, Alipay and Wechat Pay. For background reading, please refer to the fork on the right hand side of this article.

Grab, Go-Jek, Alipay, WeChat Pay; Who Will Be the Payment Goliath in Southeast Asia? - Part 4

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

An email correspondence with the management revealed that the airport ride contributes to a significant amount to total revenue in both taxi and non-taxi segment. As recently discussed that the SHIA express ridership has been increasing that was initiated with a warm welcome by Jakarta residents.  When I met the management sometime last month, they rebuffed the emergence of the airport express as a non-worthy substitute citing the long ride and possible infrequent rides to the airport…

An email correspondence with the management revealed that the airport ride contributes to a significant amount to total revenue in both taxi and non-taxi segment. As recently discussed that the SHIA express ridership has been increasing that was initiated with a warm welcome by Jakarta residents.  When I met the management sometime last month, they rebuffed the emergence of the airport express as a non-worthy substitute citing the long ride and possible infrequent rides to the airport…

Bluebird: Heavy Wings Due to Heavy SHIA Express Carriage

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Grab acquired Uber's operations in Asia, including Thailand. Happy Ending? Wrong.At first glance, the deal seems like a panacea for everyone. We began getting notifications from Uber to download Grab's application a few months ago ourselves. Uber was operating illegally in Thailand, while Grab was not. So they continue to lose money...Hmm...since when was that a problem in Silicon Valley...or the Asian equivalent?Anyway, this being Thailand, nothing is ever so simple. Today, TNN 24 news reported…

Grab acquired Uber's operations in Asia, including Thailand. Happy Ending? Wrong.At first glance, the deal seems like a panacea for everyone. We began getting notifications from Uber to download Grab's application a few months ago ourselves. Uber was operating illegally in Thailand, while Grab was not. So they continue to lose money...Hmm...since when was that a problem in Silicon Valley...or the Asian equivalent?Anyway, this being Thailand, nothing is ever so simple. Today, TNN 24 news reported…

Summary of 1Q18 results:<ul>
<li>CD's headline revenues in 1Q18 lifted by 1%YoY, as higher revenues from Public Transport Services help to offset decline in revenues from its taxi segment. </li>
<li>Headline net profit fell 19.6% in 1Q18, partially due to the fall in profits from its taxi segment and non-recurrence a special dividend from its subsidiary Cabcharge Australia (recorded in 1Q17).</li>
<li>If we strip out the special dividends of SGD 10m from 1Q17, net profit attributable to shareholders only declined by…</li>
</ul>

Summary of 1Q18 results:
CD's headline revenues in 1Q18 lifted by 1%YoY, as higher revenues from Public Transport Services help to offset decline in revenues from its taxi segment. 
Headline net profit fell 19.6% in 1Q18, partially due to the fall in profits from its taxi segment and non-recurrence a special dividend from its subsidiary Cabcharge Australia (recorded in 1Q17).
If we strip out the special dividends of SGD 10m from 1Q17, net profit attributable to shareholders only declined by…


ComfortDelgro 1Q18 Unsurprising, Lesser PH Drivers + Talks with Go-Jek Improve Taxis' Outlook in SG

<ul class=""><li class="">In Part 1 of this series, I compared the user numbers, investors and strategies of Grab, Go-Jek, and Garena(renamed to SEA), specifically focusing on locally-founded companies in Southeast Asia. </li><li>In Part 2, I first discuss the market potential in Southeast Asia, followed by a comparison of these providers' fees, key partners, and market segment focus. Although most mobile/digital payment providers hope to benefit from the 'float' derived from cash collected on their platforms, their other revenue strategies differ somewhat. </li><li>In Part 3, I will present the fees, key partners, and market segment focus of Ant Financial (AliPay), Tencent (WeChat Pay), and PayPal in the region, followed by a discussion of who I think could be the big winners in this region. </li></ul>

In Part 1 of this series, I compared the user numbers, investors and strategies of Grab, Go-Jek, and Garena(renamed to SEA), specifically focusing on locally-founded companies in Southeast Asia. In Part 2, I first discuss the market potential in Southeast Asia, followed by a comparison of these providers' fees, key partners, and market segment focus. Although most mobile/digital payment providers hope to benefit from the 'float' derived from cash collected on their platforms, their other revenue strategies differ somewhat. In Part 3, I will present the fees, key partners, and market segment focus of Ant Financial (AliPay), Tencent (WeChat Pay), and PayPal in the region, followed by a discussion of who I think could be the big winners in this region. 

Grab, Go-Jek, Garena(SEA), Who Will Be the Payment Goliath of Southeast Asia? - Part 2

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)

Grab, Go-Jek, Alipay, WeChat Pay; Who Will Be the Payment Goliath in Southeast Asia? - Part 4

In part 4 of this series, I will evaluate the mobile/ e-payment providers on 10 metrics and total their score. Based on their total score, I hope...

Valerie Law, CFA

Bluebird: Heavy Wings Due to Heavy SHIA Express Carriage

An email correspondence with the management revealed that the airport ride contributes to a significant amount to total revenue in both taxi and...

Henry Soediarko

Grab's Growing Pains

Grab acquired Uber's operations in Asia, including Thailand. Happy Ending? Wrong.At first glance, the deal seems like a panacea for everyone. We...

Athaporn Arayasantiparb, CFA

ComfortDelgro 1Q18 Unsurprising, Lesser PH Drivers + Talks with Go-Jek Improve Taxis' Outlook in SG

Summary of 1Q18 results: CD's headline revenues in 1Q18 lifted by 1%YoY, as higher revenues from Public Transport Services help to offset decline...

Valerie Law, CFA

Grab, Go-Jek, Garena(SEA), Who Will Be the Payment Goliath of Southeast Asia? - Part 2

In Part 1 of this series, I compared the user numbers, investors and strategies of Grab, Go-Jek, and Garena(renamed to SEA), specifically focusing...

Valerie Law, CFA

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