Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

Gojek-Tokopedia Merger: A Blockbuster Deal and Potentially Better than a Gojek-Grab Ride

Grab Goes Public: Expanding Top Line but No Profits; Proposed Valuation Seems Excessively Ambitious

Grab: SOTP Suggests Steep Discount to Proposed SPAC Valuation

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

GoTo Gojek Tokopedia Tbk PT / Event-Driven

Indonesian ride-hailing start-up <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> and e-commerce player <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a>  announced today that the two entities are merging their businesses and the combined business will be called the “GoTo Group”. The two companies have not disclosed the value of the deal, however, they mentioned that the deal would mark the largest business deal in the country. GoTo Group will offer services from ride-hailing and financial services to e-commerce and take on competition from large rivals <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (0967655D SP)</a> .<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/206/776/original/image_10362768921621248055755.png?1621248056" class="editor-image img-responsive" data-smartkarma-image-id="206776"></figure>News regarding a potential deal between Gojek and Tokopedia was first surfaced in January this year and Bloomberg highlighted that the merger between the two companies would be carried out prior to a planned IPO of the combined entity, which is to list in the US and Indonesia.

Indonesian ride-hailing start-up Gojek (1379371D IJ) and e-commerce player Tokopedia PT (1087142D IJ)  announced today that the two entities are merging their businesses and the combined business will be called the “GoTo Group”. The two companies have not disclosed the value of the deal, however, they mentioned that the deal would mark the largest business deal in the country. GoTo Group will offer services from ride-hailing and financial services to e-commerce and take on competition from large rivals Sea Ltd (SE US) and Grab (0967655D SP) .News regarding a potential deal between Gojek and Tokopedia was first surfaced in January this year and Bloomberg highlighted that the merger between the two companies would be carried out prior to a planned IPO of the combined entity, which is to list in the US and Indonesia.

Gojek-Tokopedia Combine Their Businesses to Form GoTo Group; Is an IPO on the Cards?