In today’s briefing:
- Global Digital Niaga (BELI IJ) – BliBli Ploughing a More Profitable Furrow
- Sustainable Farming, Supply Chain Traceability Startup Koltiva Raises Series A Funding
- Antler, EFishery CEO Back Profitable Indonesian Corn Startup
- Bali Tourism Recovery: Positive for Indonesian Beer Company Multi Bintang (MLBI IJ)
Global Digital Niaga (BELI IJ) – BliBli Ploughing a More Profitable Furrow
- Global Digital Niaga (BliBli) continues to stand out from peers given a differentiated omnichannel model plus a greater portion of 1P but 3P sales are growing driven by Tiket.com.
- TPV growth surpassed revenue growth in 1H2023 driven by Tiket.com but take rates and gross margins improved, as the company cut back on promotional spending and improved cost efficiencies.
- BliBli booked organic growth with more users and a significant pick-up in the average order value, partially driven by Tiket.com.
Sustainable Farming, Supply Chain Traceability Startup Koltiva Raises Series A Funding
Indonesia-based Koltiva works with producers in 52 countries and boasts over 1 million producers and 6,800 businesses
Indonesia-based sustainable farming and supply chain traceability startup Koltiva has raised an undisclosed “seven-figure” USD in a Series A financing round led by AC Ventures.
- Silverstrand Capital, Planet Rise, Development Finance Asia, Blue 7, The Meloy Fund, and an unnamed impact investor in Southeast Asia also joined.
Antler, EFishery CEO Back Profitable Indonesian Corn Startup
Maize plays a pivotal role in Indonesian agriculture, including as a prime source of animal feed. In 2022, the country’s maize production was estimated to reach 44 million tons.
Agritech startup Kora is one of those few startups operating in this space.
Kora aims to improve the quality and quantity of post-harvest maize.
Bali Tourism Recovery: Positive for Indonesian Beer Company Multi Bintang (MLBI IJ)
- Multi Bintang Indonesia (MLBI IJ) and Delta Djakarta (DLTA IJ) are cheap plays on recovery in tourism to Indonesia. July 2023 data shows a 90% recovery in Bali tourism.
- We are approaching the Q3/Q4 high season, where profitability should see a dramatic improvement in revenue and profitability.
- We prefer to play the recovery through Multi Bintang Indonesia (MLBI IJ) trading at 15.9x/13x FY23e/24e with a 6.3%/7.5% dividend yield.
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