Equity Analysis /

ID : Bukalapak.com - Adding digital bank to its portfolio

    3 January 2022
    Published byCGS-CIMB

    According to BBHI’s prospectus, BUKA will subscribe to its preemptive rights issue to acquire 11.49% stake in the company, at 1.7x P/BV post rights. With CT Group’s BBHI rights issue also subscribed by Salim Group (6%), Grab (2%) and Traveloka (7%), this cements a partnership of five giants. We see upside to BUKA’s growth from this. Reiterate Add and Rp900 TP.