Bukalapak: Bargain basement in EM tech, upgrade to Buy

  • We upgrade Bukalapak to Buy (from Sell) with a new target price of IDR456 that implies 48% upside

  • Net cash now represents (75%) of Bukalapak's market cap, after the firm lost 64% of its value since the August 2021 IPO

  • Bukalapak has made forays into banking and groceries, which would improve its prospects in these key segments
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