Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

<div><div><div><div><ul><li>Upping our estimates on network expansion - We raised our revenue estimates by 5%/4%/9% to IDR15,119bn/IDR17,553bn/IDR19,981bn in FY22E/23E/24E, respectively, largely due to higher number of distribution points (digital product aggregator members).</li></ul><div><div><div><ul><li>Margins to improve given more favorable product mix</li></ul><div><div><div><div><ul><li>Nurturing WABA, DigiResto and EVs - The group has delivered new initiatives</li></ul></div></div></div></div></div></div></div></div></div></div></div>

Upping our estimates on network expansion - We raised our revenue estimates by 5%/4%/9% to IDR15,119bn/IDR17,553bn/IDR19,981bn in FY22E/23E/24E, respectively, largely due to higher number of distribution points (digital product aggregator members).Margins to improve given more favorable product mixNurturing WABA, DigiResto and EVs - The group has delivered new initiatives

PT M Cash Integrasi Tbk: Leaning More Towards High-Margin Products

M Cash Integrasi PT

PT M Cash Integrasi Tbk: Leaning More Towards High-Margin Products