Equity Analysis /

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

Nirgunan Tiruchelvam

Head of Consumers Equity Research @ Tellimer Research

1 December 2021

Published by

Tellimer Research

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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.

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