Indonesian e-commerce company Bukalapak's US$1.5bn IPO is set to trade on 6 August. Is Bukalapak’s valuation defendable? Bukalapak is priced at a massive premium to its bigger rivals Tokopedia and Alibaba. The company is priced at 47x FY 21 P/Sales (...

In H1 2021 Podravka recorded sales in the amount of HRK 2,220.5m which marks an -1.1% YoY decrease. Pharma segment was up +2.8% YoY with sales amounting to HRK 503.9m. The increase came because of higher sales of prescription drugs, primarily in the ...

Given that the Climate Prediction Center (CPC) has upgraded the La Niña probability by 5-13% in 3Q21 through 1Q22 (with La Niña probability of 66% in Nov 2021-Jan 2022) and put the ENSO alert warning on “La Niña Watch” in its Jul report, we deem “soy...

M.Video (MVID RX: N/R) reported its 2Q21 trading update. VAT) in 2Q21, accelerating from 14% growth in Q1. That is also indicated by 112% y/y in-store GMV growth in 2Q21. In 2Q21 the number of active customers grew 14% y/y to 19.8mn, with faster grow...

We are more positive on 2Q21 earnings than before, fueled by the robust indirect export volume and solid domestic byproduct sales volume. McKey is also a key 2Q21 earnings driver. Higher soybean meal (SBM) cost will pressure GM in 2021. Our HOLD rati...