EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Company Research

PT Global Digital Niaga Tbk (BELI IJ) Indonesia

Technology

Aequitas Research

Indonesia’s latest tech IPO sees the owners of eCommerce firm, Blibli, raise approx. US$515m - Sumeet Singh’s pre-IPO analysis revealed no clear signs of profitability improving. Not to mention the lack of synergies across its offerings. He believes the stock will have a similar fate as GoTo, which is trading well below its IPO price and is likely to go even lower when its lock-up expires later this month. Based on Sumeet’s estimates, Blibli should be trading at least 50% below its IPO price.

Edition: 148

- 11 November, 2022


GoTo

Technology

Aequitas Research

Indonesia's biggest tech firm set to raise $1.25bn in local IPO ahead of US listing later this year - GoTo was formed in May 2021 following a merger between two of Indonesia’s largest unicorns Gojek (ride hailing) and Tokopedia (e-commerce). In 2021, GoTo had 2m+ drivers, 11m MSME sellers, 100m+ MAU and accounted for 2% of the national economy. The combined entity has been registering decent growth, but profitability remains less than optimal, to put it mildly. GoTo will have to trade well ahead of local and international peers to justify its desired valuation, something that Sumeet Singh is not convinced that it will manage to do.

Edition: 131

- 18 March, 2022