Fair valuation of goodwill is highly subjective and dependent on many key assumptions. Nonetheless, we tried to assess whether there is any possibility that GOTO will recognize any impairment loss regarding their Rp93 trillion goodwill arising from Gojek-Tokopedia business combination in the past. We start from decoding Tokopedia exit multiples to updating the fair market valuation of this business using contemporary macro data that may significantly influencing the outcome of the impairment test. After that, we conclude this scientific article with possible outcome that may likely to unfold in GOTO's Q4 2022 financial report.

We found something very interesting from the recently published UNVR financial report for the first quarter of 2022. The increase in net profit of 19.03% year-on-year turned out to be almost entirely not due to operational success, but due to the sudden waiver of 'service and ETS fees' from the financial statements. The fees were consistently recorded by UNVR and paid to affiliated parties, but not in Q1 this year. This is not the first time ‘service and ETS fees’ suddenly missing from the quarterly earnings, and history shows that the fees are likely to be delayed to the next quarter, not eliminated.

After BUKA blockbuster IPO in August 2021, many of its investors and general public are waiting for the management to make breakthrough and outdeliver expectations. Aside of Allo Bank and Allo Fresh investment, one acquisition interests us the most. As we open the financial disclosure in the 3Q 2021 financial report, we stumbled upon an interesting fact about BUKA acquisition of PT Belajar Tumbuh Berbagi. The size is tremendous, USD 1 billion, which is about half of both BUKA current market cap and BUKA book value of equity. If we didn’t read it wrong and correct in our interpretation, this is significant in determining BUKA’s future.

Ahead of its annual shareholder meeting expected to be held in April, we present some of independent public shareholders’ concerns on how the management and Unilever PLC, its ultimate owner, runs the Company and potentially becoming one of the biggest manager-owner conflict of interest in the corporate history. UNVR is now the Top 3 Loser among LQ-45 since 2018, following the policy to implement free-float adjustment in IHSG, LQ-45, and IDX 30. Not only that, the management has failed to impress the market by missing EPS estimates 10 times out of 12 quarters, leaving many analysts standing on the bear camp.

Despite its long history of growth, PT Bukalapak.com Tbk. (IDX:BUKA) is yet to prove its success in taping Indonesia’s ever-growing e-commerce market. Its lack of market share and lack of product differentiation stand as primary challenges to making sense of the demanding valuation. We identify few of many considerable risks associated with an investment in BUKA so that investors can better judge their fair valuation towards BUKA and preventing paying too much for getting into the hype.