BELI – Revenue up 98% to IDR10.5 tn

The growth in Global Digital Commerce (BELI) revenue was boosted by an increase in total processing value (TPV). In the 9M22 period, BELI posted a consolidated TPV of IDR40.6 tn, up 105% yoy. Throughout 2022, BELI has also strengthened the physical take segment by opening several flagship stores consisting of monobrand stores. BELI also has a multibrand store where BELI has operated more than 100 flagship stores and 70 ranch market outlets spread throughout Indonesia. As of 9M22, BELI's omnichannel solutions have reached 27k more click and collect from Blibli InStore as well as 160k more BliBli Partners. BELI also launched an electric fleet for delivery of orders operated by the Blibli Express Service (BES) Package inhouse logistics service. (Source : Investor Daily) Comment: We like BELI’s strategy to strengthen omnichannel that integrate both online and offline stores, enabling it to further expand its reach. BELI, through Tiket.com also benefits from easing restrictions as well as vernment’s plan to scrap PPKM in the near future. Along with TPV improvement, BELI also manage to enhance take rate to 4.5% in 9M22, which is better than its close competitor, TO. Although, we have yet to initiate our coverage on BELI, we believe strong support from Djarum Group will help it to stabilize its stock price amid challenging times on aggressive tightening.