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

Johannes Salim, CFA

Equity Bottom-Up

<ul><li>Conference call with <a href="https://www.smartkarma.com/entities/7752" target="_blank" data-smartkarma-citation="entities:7752:1">Elang Mahkota Teknologi Tbk (EMTK IJ)</a> reveals its ambition to be the most diversified online player in the country.</li><li>We believe that Bukalapak (49.2%-owned by EMTK), the latest local unicorn, is the hidden gem.</li><li>Strong net cash position would allow EMTK to fund online businesses' heavy spending next couple of years.</li><li>Our SOTP valuation suggests that EMTK's online businesses incl. Bukalapak are valued very reasonably at US$1.43 bn given rapid growth prospect.</li></ul>

Conference call with Elang Mahkota Teknologi Tbk (EMTK IJ) reveals its ambition to be the most diversified online player in the country.We believe that Bukalapak (49.2%-owned by EMTK), the latest local unicorn, is the hidden gem.Strong net cash position would allow EMTK to fund online businesses' heavy spending next couple of years.Our SOTP valuation suggests that EMTK's online businesses incl. Bukalapak are valued very reasonably at US$1.43 bn given rapid growth prospect.

Elang Mahkota Teknologi: The Most Diversified Online Group Plus Local Unicorn Play

Emtek

Elang Mahkota Teknologi: The Most Diversified Online Group Plus Local Unicorn Play