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

GoTo Accelerates Profitability Timeline but We Are Not Yet Convinced

Grab Follows Suit with GoTo and Accelerates Profitability Timeline

[Grab Holdings (GRAB US) Target Price Change]: Positive on Profit Growth, Cut TP for Slower GMV

Grab: Almost No Price Reaction to a So-Called Strong Set of Results as There Is Much to Prove

GoTo: Long-Term Profitability Is Worrying

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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.

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>GoTo’s share price lost more than 75% last year following its weaker-than-expected performance and lock-up expiry despite the company entering into a coordinated secondary offering of shares with pre-IPO shareholders.</li>
<li>The company’s share price has moved up 24% YTD partially driven by cost cutting measures that is expected to improve the company’s profitability.</li>
<li>Nevertheless, we expect this share price rebound to be temporary with e-commerce and food delivery market in Indonesia slowing down.</li>
</ul>


GoTo’s share price lost more than 75% last year following its weaker-than-expected performance and lock-up expiry despite the company entering into a coordinated secondary offering of shares with pre-IPO shareholders.
The company’s share price has moved up 24% YTD partially driven by cost cutting measures that is expected to improve the company’s profitability.
Nevertheless, we expect this share price rebound to be temporary with e-commerce and food delivery market in Indonesia slowing down.


GoTo Gojek Tokopedia Tbk PT

GoTo: Going Gets Tough