Bukalapak: Bargain basement

  • We reiterate our Buy recommendation on Bukalapak with a target price of IDR456 ahead of its Q2 results on 29 July

  • Having lost 74% from its peak, the firm is now in deep value territory. Net cash represents 65% of its market cap

  • We expect its EBITDA margins to improve by 41% in FY 21-23. The Q2 results will pave the way to EBITDA positivity
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