BELI - 9M24 results miss despite stronger GPBD

BELI - 9M24 results miss despite stronger GPBD Global Digital Niaga (BELI) posted a 3Q24 revenue of IDR4.3 tn (+8.9% qoq, +16.1% yoy), bringing 9M24 revenue to IDR12.1 tn (+5.8% yoy), supported by a higher 3Q24 TPV of IDR19.9 tn. The company managed costs well, achieving a notable 3Q24 GPBD of IDR1.4 tn (+14.6% qoq, +63% yoy) with an improved take rate of 7.05%. This growth stemmed from increased smartphone and IoT accessory sales, corporate smartphone orders, and strong OTA demand, especially in accommodation. Despite these gains, 3Q24 net profit fell by 32.7% qoq to -IDR674 bn, and 9M24 bottom line improved to -IDR1.8 tn, but still missed expectations. The new Marunda warehouse, operational since October 2024, is set to strengthen logistics for premium services like Fulfillment at Speed. (Source : Company, KBVS Research) Comment : We are transferring coverage for BELI and will release a report soon. Our BUY outlook reflects BELI’s strategic ecosystem, robust delivery service presence, and the Dekoruma acquisition, well-positioning it for growth amid Indonesia’s holiday-driven OTA demand.