Nirgunan is Head of Consumer Sector Equity Research, based in Dubai. He has a strong thematic perspective on the consumer sector across FM and EM, built on the foundations of his experience and network in ASEAN. He previously served in equities leadership and consumer/commodities equity research roles in ASEAN at BTIG, Standard Chartered and RBS/ABN Amro Asia.
We cut our SOTP derived target price to US$52 implying 19% downside. The digital entertainment (gaming) segment is under pressure. We expect FCF losses to worsen. Sea Ltd's is overvalued compared to its peers and needs to be derated.
Nirgunan Tiruchelvam @ Tellimer Research 30 August 2022
We raise our target price and earning forecasts on the back of widening take rate and TPV. We expect Bukalapak to be cashflow positive by FY23. Bukalapak has enough ammunition to finance its cash burn for 12 years.
Nirgunan Tiruchelvam @ Tellimer Research 16 August 2022
We reiterate our Buy recommendation on Bukalapak, with a target price of IDR456. This implies an upside of 62%. Bukalapak operates an online-to-offline network (O2O) and has a strong presence outside Indonesia's tier 1 cities. We expect robust growth...
Nirgunan Tiruchelvam @ Tellimer Research 26 July 2022
We cut our target price for Grab due to the heightened risk perception on EM Tech – the series of US Fed hikes have altered the cost of capital in the sector. Our DCF-based valuation for Grab falls 27% to US$4.5 due to higher weighted average cost of...
Nirgunan Tiruchelvam @ Tellimer Research 15 July 2022
Last month, I played a virtual reality (VR) game for the first time. The ease of surfing the web was hard to beat and was unlike anything that had come before. The metaverse market size was estimated at US$479bn in 2020, according to IDC, an industry...
Nirgunan Tiruchelvam @ Tellimer Research 9 July 2022