In today’s briefing:
- Bukalapak (BUKA IJ) – Onwards and Upwards on Higher Take Rates
- Morning Views Asia: Adaro Minerals, China Hongqiao, Gajah Tunggal, Sino-Ocean Service
Bukalapak (BUKA IJ) – Onwards and Upwards on Higher Take Rates
- Bukalapak‘s recent 1Q2022 results provided further evidence that the company is moving along the road to profitability with growth in TPV being outpaced significantly by revenue growth.
- The company saw very significant improvements in take-rates for its marketplace and Mitra businesses plus a better contribution margin and we expect this to continue into the 3Q.
- Bukalapak (BUKA IJ) looks cheap, especially when considering its stake in Allo Bank Indonesia and its IDR20tn cash pile, which means you are paying only US$50m for its core businesses.
Morning Views Asia: Adaro Minerals, China Hongqiao, Gajah Tunggal, Sino-Ocean Service
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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