ASSA’s express delivery arm, Anteraja, contributed 23% of revenue in FY20, up nearly six times in less than 2 years, and recorded gross profit in 4Q20. Anteraja is on pace to contribute more than 50% of ASSA’s revenue by FY22F, at 34% 3Y CAGR, reaching BE and boosting ROE starting in FY21F. We revise up our SOP-based TP to Rp2,600 to reflect peers’ valuations, which implies 12x FY21F EV/EBITDA. We reiterate our Add call.
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