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Flash Report / Indonesia

Three questions that Bukalapak’s blockbuster IPO raises

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 (...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 23 July 2021
Three questions that Bukalapak’s blockbuster IPO raises
Three questions that Bukalapak’s blockbuster IPO raises

Podravka Group: High Profitability Due to Cost Optimization and FX Help

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 ...
InterCapital Filip
Filip Gracin @ InterCapital 23 July 2021

Thailand (Bualuang): Agro & Food - ENSO alert for “La Niña Watch”

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...
Bualuang Securities Prasit
Prasit Sujiravorakul @ Bualuang Securities 23 July 2021

M.Video: 2Q21 trading update – MODERATELY POSITIVE

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...
Alfa Evgeniy
Evgeniy Kipnis @ Alfa 22 July 2021

Amazon.com Inc: US : Media - Integrated - Online Advertising | Key Takeaways From 2Q21 AdTech Expert Call

CGS-CIMB Aaron
Aaron Kessler @ CGS-CIMB 21 July 2021

GFPT PCL: Higher 2Q21 expectations; YoY growth to resume starting 1Q22

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...
Bualuang Securities Prasit
Prasit Sujiravorakul @ Bualuang Securities 21 July 2021