Bukalapak: Bargain basement
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We reiterate our Buy recommendation on Bukalapak with a target price of IDR456 ahead of its Q2 results on 29 July
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Having lost 74% from its peak, the firm is now in deep value territory. Net cash represents 65% of its market cap
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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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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.