Indonesia

Nickel could sap electric cars’ climate batteries

31 Mar 2023

Although EVs are less emissions-intensive than gas guzzlers over a vehicle’s lifetime, their supply chains produce more greenhouse gases. Battery ingredient nickel is among the culprits. Car and cell makers may be exposed as investors and watchdogs scrutinise carbon footprints.

GoTo is back to facing less existential problems

21 Mar 2023

The $8 bln Indonesian superapp may not need to raise capital in a hurry. It expects to reduce its cash burn by up to 65% this year. Cost cuts are paying off but hard questions on future growth and competition with its financially stronger Singaporean rival Grab remain.

Nickel IPO puts Jakarta at centre of China EV boom

23 Nov 2022

China’s Lygend Resources, a trader-turned-producer of critical battery ingredients, is eyeing a $600 mln Hong Kong listing. A huge presence in Indonesia gives it an edge over rivals at home, where supply is scarce. That should help the company navigate a bumpy stock market.

Indonesia share sale contortion is necessary evil

4 Nov 2022

SoftBank-backed GoTo wants to coordinate pre-IPO investors offloading its stock when a lockup ends. The unusual move could limit further drops to its now-$15 bln market value and pull in long-term foreign owners. The driving force is too little local liquidity in a bear market.

Indonesia’s EV dream gets $15 bln spark of reality

20 Apr 2022

South Korea’s LGES, China’s CATL and partners plan to build comprehensive battery supply chains in the country. That’ll please Jakarta, whose bold electrification goals need industry buy-in. With supply chains stressed, it’s a well-timed boost for the wannabe production hub.

GoTo IPO will road-test range of tech rout

15 Mar 2022

The SoftBank-backed superapp is eyeing a $29 bln valuation in a Jakarta listing. Given rival Grab’s disastrous New York debut and Sea’s share price plunge, the timing may bruise its new backers. But waiting much longer risks eroding GoTo’s strong market position.

Southeast Asia still loves New York

10 Jan 2022

While U.S.-listed Chinese companies move home, Indonesian and Vietnamese startups are eyeing a berth in the Big Apple. Unlike their northern peers, these hopefuls are starting with home floats. Ensuring IPOs fill local coffers first is good politics and makes financial sense too.

Asian super-apps clear regulatory road – for now

14 Dec 2021

While Big Tech in the United States and China is on the defensive, startups from Grab to GoTo are keeping governments happy by bringing small businesses online and finance to the masses in Indonesia and beyond. That opens a fast lane for growth, but there may be tolls to pay.

Super-app Grab rides high into New York debut

1 Dec 2021

The Southeast Asian giant held firm in a difficult year. It’s on track to hit targets set from its record $31 bln SPAC merger, supporting a rich 13 times sales valuation multiple. Margins in its ride-hailing business show the promise of its food-delivery-to-fintech ambitions.

Three’s a good crowd in Indonesia telecoms deal

17 Sep 2021

Combining CK Hutchison’s local 3 unit with Ooredoo’s Indosat produces a $6 bln No. 2 player and synergies of $400 mln. If past industry tie-ups in similar markets are a guide, the Hong Kong and Qatari groups’ deal will also lift rivals’ revenue and cut their costs too.

Jakarta’s battery drive is on a bumpy road

11 Aug 2021

Hyundai and LG are among those investing to make electric vehicle batteries in Indonesia. The nickel producer is limiting exports as it claws up the resource value chain but its long timeline to electrification means technologies may be disrupted before there is enough demand.

Grab’s tiny deal spotlights big Indonesia turf war

30 Jul 2021

A deal to shore up ties with a Jakarta conglomerate recalls the country’s importance for the super-app’s growth ahead of its $40 bln New York debut, and as top local rivals merge. Grab’s Southeast Asian footprint has benefits, but Indonesia carries outsize strategic value.

South Asia bourses face Hong Kong-style IPO test

12 Jul 2021

Bukalapak’s and Zomato’s respective debuts in Indonesia and India will help startups decide whether to list at home. The Fragrant Harbour has proven it has what it takes to attract hot tech names. Mumbai’s stellar secondary market makes it better placed to replicate that success.

AirAsia super-app SPAC will require sick bag

8 Jul 2021

The Malaysian carrier led by Tony Fernandes is swapping a 4.8% stake in its fledgling e-commerce and fintech division for Gojek’s Thai business. The deal imputes a $1 bln valuation, and a sky-high multiple of sales. A planned spin into a public listing promises a dizzying ride.

GoTo steers e-tail to smarter, fiercer last mile

4 Jun 2021

The enlarged Indonesian tech group will make gains in data analytics, helping it keep pace with $130 bln Sea. Getting goods closer to customers will trim order costs and boost on-demand services. It hints at complexities in the pair’s reliance on third-party logistics too.

Indonesian super-app merger grabs at Grab

17 May 2021

Combining Gojek and Tokopedia creates a delivery, mobility, shopping and payments powerhouse barely a month after their Singapore rival’s $40 bln SPAC deal. The first transaction offers clues to the value of the second but ahead of an IPO GoTo must demonstrate bigger is better.

Sea can pass on Southeast Asian deal frenzy

12 Jan 2021

The region’s hot tech companies, Tokopedia, Grab and Gojek, are mulling consolidation. Any of them could be swallowed by Singapore’s $106 bln gaming-to-shopping giant Sea which has a war chest of cash and rich stock. But boss Forrest Li has good reason to sit back.

Tokopedia neatly channels Indonesia’s potential

5 Jan 2021

The online shopping site, valued at $7.5 bln, lags Singapore’s Sea in the country. But the smaller company stands out for its single focus on one of the world’s fastest rebounding and digitalising economies. No wonder everyone from Gojek to Peter Thiel sees it as a hot target.

Indonesia builds sovereign fund with daring design

27 Nov 2020

Buyout firms and Gulf nations are being wooed to invest $15 bln in a government-backed mashup of Singaporean and Indian models. It’s an ambitious effort to finance President Joko Widodo’s development plans, but also faces limits on how much outside money will take the plunge.

Review: Indonesia’s Jokowi learns limits to change

28 Aug 2020

Furniture seller-turned-president Joko Widodo was tipped to end corruption and push reforms. In “Man of Contradictions”, Ben Bland concludes the leader is weak and the hopes placed in him were unrealistic. Even a popular outsider cannot easily take on an entrenched system.