Equity Analysis /
Indonesia

Bukalapak: Initiation – Grossly mispriced and facing oblivion

  • We initiate coverage on Bukalapak with a target price of IDR413 and a Sell recommendation

  • Bukalapak is a peripheral player in Indonesia’s ecommerce boom and its market share will contract

  • It has been grossly overvalued considering the substantial risks to its investment case

Bukalapak: Initiation – Grossly mispriced and facing oblivion
Nirgunan Tiruchelvam
Nirgunan Tiruchelvam

Head of Consumers Equity Research

Tellimer Research
1 December 2021
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