Daily Brief Indonesia: Bukalapak.com PT Tbk, Greentown China, Broom and more

• Bukalapak (BUKA IJ) has seen a sharp share price rebound recently with speculation over a tie up with Temu, which appears ill-founded, with the only newsflow being a Director resigning.
• The company swung back into a slight negative adjusted EBITDA in 2Q2024, mainly due to the seasonal impact of Lebaran on its O2O business and increased competition in virtual products.
• Bukalapak remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace, with increasing take rates ahead. Dealing with excess cash is a potential catalyst. 

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.

• Pt Cikarang Listrindo Tbk
• Greentown China

• Broom, a tech startup empowering Indonesia’s used car showroom ecosystem, has closed a US$25 million Series A extension investment round led by Openspace Ventures.
• AC Ventures, Quona Capital, MUFG Innovation Partners, and PKSHA Capital also participated.
• Additionally, Broom has secured credit facilities from various institutions, including Komunal, Funding Societies Capital, Modalku Finansial Indonesia, Alami, Koinworks, Helicap, and DBS Indonesia, as well as support from several high-net-worth individual investors.