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

I had a meeting earlier this week with <a href="https://www.smartkarma.com/entities/19482" target="_blank" data-smartkarma-citation="entities:19482:1">Blue Bird Tbk Pt (BIRD IJ)</a>'s management, trying to find out how tough are things for them given the recent squeeze that comes from <a href="https://www.smartkarma.com/entities/430" target="_blank" data-smartkarma-citation="entities:430:1">Uber Technologies Inc (0084207D US)</a> and <a href="https://www.smartkarma.com/entities/26950" target="_blank" data-smartkarma-citation="entities:26950:1">GrabTaxi Holdings Pte Ltd (0967655D SP)</a> . With a preconception that Bluebird is a conventional taxi company with limited online initiative (their first version of the app was not very successful hence the partnership with <a href="https://www.smartkarma.com/entities/25976" target="_blank" data-smartkarma-citation="entities:25976:1">GO-JEK Indonesia PT (1379371D IJ)</a>), I was proven wrong. With the arrival of Pak Sandy Permadi (CFO) who was previously CFO of <a href="https://www.smartkarma.com/entities/26148" target="_blank" data-smartkarma-citation="entities:26148:1">Lazada Group (LAZADA SP)</a> Indonesia circa 18-24 months ago, Bluebird's partnership with Go-Jek is only the first step to increase its ONLINE presence!Matters of discussion:<ol><li>Conventional taxi vs ride-hailing - units, price point</li><li>Go-jek and Bluebird agreement</li><li>They are not just a taxi company </li><li>Collaboration Year</li><li>Fight with airport "express" </li><li>Price action - what to do?</li></ol>

I had a meeting earlier this week with Blue Bird Tbk Pt (BIRD IJ)'s management, trying to find out how tough are things for them given the recent squeeze that comes from Uber Technologies Inc (0084207D US) and GrabTaxi Holdings Pte Ltd (0967655D SP) . With a preconception that Bluebird is a conventional taxi company with limited online initiative (their first version of the app was not very successful hence the partnership with GO-JEK Indonesia PT (1379371D IJ)), I was proven wrong. With the arrival of Pak Sandy Permadi (CFO) who was previously CFO of Lazada Group (LAZADA SP) Indonesia circa 18-24 months ago, Bluebird's partnership with Go-Jek is only the first step to increase its ONLINE presence!Matters of discussion:Conventional taxi vs ride-hailing - units, price pointGo-jek and Bluebird agreementThey are not just a taxi company Collaboration YearFight with airport "express" Price action - what to do?

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Thematic (Sector/Industry)

<ul>
<li>Three Indo unicorns (so far) are Go-Jek, Tokopedia, and Traveloka (commonly abbreviated as GTT).</li>
<li>However, the cash burn rates especially for e-commerce and ride hailing sub-sectors remain high.</li>
<li>The next frontiers are digital payment (e-wallet) and online lending (P2P) platforms.</li>
<li>
<a href="https://www.smartkarma.com/entities/8509" target="_blank" data-smartkarma-citation="entities:8509:1">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/7752" target="_blank" data-smartkarma-citation="entities:7752:1">Elang Mahkota Teknologi Tbk (EMTK IJ)</a> are the closest plays on these disruptive sub-sectors.</li>
</ul>Over past week, we managed to talk to a few industry sources pertaining to Indonesia's internet/online start-up…


Three Indo unicorns (so far) are Go-Jek, Tokopedia, and Traveloka (commonly abbreviated as GTT).
However, the cash burn rates especially for e-commerce and ride hailing sub-sectors remain high.
The next frontiers are digital payment (e-wallet) and online lending (P2P) platforms.

Sea Ltd (SE US) and Elang Mahkota Teknologi Tbk (EMTK IJ) are the closest plays on these disruptive sub-sectors.
Over past week, we managed to talk to a few industry sources pertaining to Indonesia's internet/online start-up…

Indo Internet Sector: Local Unicorns And Next Frontiers

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Grab Holdings (GRAB US)

Bluebird: Go Online!

I had a meeting earlier this week with Blue Bird Tbk Pt (BIRD IJ)'s management, trying to find out how tough are things for them given the recent...

Henry Soediarko

Indo Internet Sector: Local Unicorns And Next Frontiers

Three Indo unicorns (so far) are Go-Jek, Tokopedia, and Traveloka (commonly abbreviated as GTT). However, the cash burn rates especially for...

Johannes Salim, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)