We reiterate our Buy recommendation on Bukalapak, with a target price of IDR456. This implies an upside of 62%. Bukalapak operates an online-to-offline network (O2O) and has a strong presence outside Indonesia's tier 1 cities. We expect robust growth...
Nirgunan Tiruchelvam @ Tellimer Research 26 July 2022
This week's warning from Snap that “the macroeconomic environment has deteriorated further and faster than anticipated” shook the Tech sector's foundations. The company expects its EBITDA this quarter to come in “below the low end” of its guidance ra...
Nirgunan Tiruchelvam @ Tellimer Research 27 May 2022
Most readers will know Gloria Gaynor’s hit “I Will Survive”. The FAANGs are down an average of 45% in the same period. It took until August 2017 for the index to regain its March 2000 high (on an inflation and dividend-adjusted basis). Unlike the dot...
Nirgunan Tiruchelvam @ Tellimer Research 16 May 2022
Indonesia has the largest digital economy in Southeast Asia with c40% of the total regional market share. In 2020 alone there were 40mn new internet users, with 70% of the total population having access to online platforms. The Southeast Asia interne...
Nirgunan Tiruchelvam @ Tellimer Research 28 April 2022
The US$1bn GoTo IPO is the largest issue since the start of the war in Ukraine and the largest in Indonesia's history. It is a litmus test for capital markets, particularly EM Tech. The plan would net the company IDR13.72 trillion (US$0.96 billion). ...
Nirgunan Tiruchelvam @ Tellimer Research 6 April 2022
We upgrade Indonesian e-commerce firm Bukalapak to Buy from Sell, with a new DCF-based target price of IDR456 (up from IDR298 previously). Bukalapak has lost 64% of its value since its IPO in August 2021 and we think it now offers deep value. 1) High...
Nirgunan Tiruchelvam @ Tellimer Research 28 March 2022
Bukalapak.com PT Tbk provides e-discretionary services. The Company offers range of electronics, food, shoes, apparel, watches, bags, cosmetics products, and other accessories. Bukalapak.com serves customers in Indonesia.
Bukalapak.com PT Tbk