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☆ Grab forecasts 2023 revenue above estimates on demand boom
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast its annual revenue above estimates on bets that consumers will continue to rely on its services following a pandemic-driven demand boom. Decade-old Grab, a household name in eight Southeast Asian countries, forecast its 2023 revenue between $2.20 billion and $2.30 billion. Analysts have forecast annual sales to scale $1.97 billion, according to Refinitiv data. Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives. Reporting by Nivedita Balu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Grab forecasts 2023 revenue above estimates, brings forward profit target
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast upbeat 2023 revenue and pulled forward its profitability timeline on hopes that consumers will continue to rely on its services. New York-listed shares of a decade-old Grab, a household name in eight Southeast Asian countries, gained 6% in premarket trading. The company forecast its 2023 revenue between $2.20 billion and $2.30 billion. For the year, Grab forecast loss before interest, taxes, depreciation, and amortization between $275 million and $325 million. Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives.

☆ Singapore ride-hailing firm Grab beats on revenue, pulls forward profitability timeline
▼ + stars: | 2023-02-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Revenue for the fourth quarter of 2022 grew 310% to $502 million, up from $122 million a year ago. We should be getting back to pre-Covid levels by fourth quarter this year. The company said that it is bringing forward its group adjusted EBITDA breakeven guidance to the fourth quarter of 2023, half a year earlier than its previous guidance. Deliveries reboundDeliveries revenue increased to $268 million in fourth quarter 2022, up from $1 million in the same period in 2021. Incentives dropped to 8.2% of gross merchandise volume in the fourth quarter from 9.4% in the previous quarter.

☆ Stocks of Indonesia’s GoTo surge 5% as it says profit targets will be met ahead of time
▼ + stars: | 2023-02-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

GoTo Group expects group contribution margin, which shows revenue after variable costs, to become positive by first quarter of 2023 - a year ahead of schedule. Shares of Indonesian tech giant GoTo Group surged as much as 4.96% on Friday morning a day after the group said it will hit its profitability targets earlier than expected. GoTo, which is made up of ride-hailing giant Gojek and e-commerce marketplace Tokopedia, went public in April last year. GoTo said in a Thursday release that adjusted earnings before interest, taxes, depreciation and amortization will likely "become positive within the fourth quarter of 2023." The company expects group contribution margin, which shows revenue after variable costs, to become positive by March — that's four quarters ahead of previous guidance.

☆ Indonesia tech firm GoTo expects positive adjusted EBITDA in Q4, 2023
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Feb 16 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) said on Thursday that adjusted EBITDA is expected to turn positive in the last quarter of 2023 due to its cost management measures. GoTo also said its group contribution margin will turn positive this quarter, four quarters earlier than previous guidance. GoTo said gross transaction value (GTV) in the last quarter of 2022 stood at 162 trillion rupiah ($10.69 billion), up by 18% annually. GTV for the full 2022 year was 613 trillion rupiah, up by a third from the previous year on a proforma basis. GoTo said, without giving further details, that gross revenue in both the fourth quarter and full year was at the upper end of guidance.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. In 2021, the China business paid Arm about $500 million, the two sources said. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment. Wu is credited with expanding the China business, according to two sources familiar with the company.

[1/3] FILE PHOTO-A woman in a traditional costume makes her way at a shopping district in Tokyo, Japan November 15, 2022. "From a negative growth in July-September, the rebound isn't very impressive," said Toru Suehiro, chief economist at Daiwa Securities. But it's difficult to project a strong recovery partly due to pressure from rising inflation," he said. RECESSION RISKSFor the full year, the economy expanded 1.1% compared with a 2.1% increase in 2021, the data showed. Economy minister Shigeyuki Goto told reporters the economy was on course for a recovery as the pandemic's impact fades.

[1/4] A Japanese flag flutters atop the Bank of Japan building under construction in Tokyo, Japan, September 21, 2017. "This is a problem that is not going to change easily," said Momoko Nojo, a prominent campaigner for gender equality in Japan. The BOJ ranked 142nd of 185 central banks on gender equality, according to a report last year by the Official Monetary and Financial Institutions Forum. About 11% of central banks surveyed had a female governor, a record high, while 37% had female deputy governors. That target is far below the European Central Bank, where women hold 30% of management roles.

☆ Shares of Japan's Nintendo, SoftBank and Sharp tumble after earnings
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Shares of Nintendo dropped 6% after the maker of the Switch video game console reported lower sales and profit and cut its full-year outlook. Nintendo shares were on track for their biggest one-day loss since November. SoftBank shares fell 6.2% after it reported a quarterly loss, hit by its massive Vision Fund investment unit, which fell into the red for the fourth straight quarter. Nintendo is struggling with softer sales for the ageing Switch, while SoftBank has seen valuations weaken for its sprawling tech portfolio. "The Nintendo Switch is now a six-year-old console and demand is now exhausted," analyst Mark Chadwick said on Smartkarma.

☆ SoftBank tumbles to loss as Vision Fund in red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +4 min

The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the fiscal third quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier. SoftBank said the Vision Fund unit had significantly curtailed new investments and was continuing to sell some older ones as part of "prudent defensive financial management" amid the challenging market environment. GOOD ARMThe bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies. Son invested heavily in artificial intelligence and other high-tech startups through the Vision Fund in recent years, delivering both record profits and heady optimism about future valuations.

☆ SoftBank posts loss as Vision Fund in the red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +2 min

TOKYO, Feb 7 (Reuters) - SoftBank Group Corp (9984.T) on Tuesday booked a net loss for October-December, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter while a global tech sell-off battered valuations of its portfolio companies. The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the latest quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier. SoftBank said the Vision Fund unit had significantly curtailed new investments and was continuing to sell some older ones as part of "prudent defensive financial management" amid the challenging market environment. The bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies.

☆ SoftBank's Vision Fund posts fourth straight quarter of losses as tech slump hits Japanese giant
▼ + stars: | 2023-02-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

SoftBank's Vision Fund, the brainchild of the company's founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics. SoftBank's flagship investment arm the Vision Fund posted its fourth straight quarterly loss on Tuesday as a slump in technology valuations continues to hit the Japanese giant. The Vision Fund segment posted a pre-tax loss of 660 billion Japanese yen ($5 billion) for the December quarter. SoftBank's Vision Fund's loss on investments came in at 730.35 billion yen over the three-month period. SoftBank Group overall reported a net loss of 783.4 billion yen, sinking back to a quarterly loss after posting a profit in the July-to-September quarter.

☆ Fact Check-Photographs show Indonesian man reported to have lived to 146 years old
▼ + stars: | 2023-01-23 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Photographs being widely shared by social media users show a man named Sodimejo from Indonesia who died at the reported age of 146, not a man named Mzee John Kiplagat from Kenya who has supposedly reached the same age. The posts claim it shows “Mzee John Kiplagat” from Nandi, Kenya. However, these images show a man named Sodimejo, also known as Mbah Goto, from Sragen, Indonesia (here). SODIMEJO known as Mbah Goto is Celebrating his 146 Years old birthday at his home town - Seragen, Central Java on 31 December 2016. The photographs show an Indonesian man named Sodimejo, not a Kenyan man named Mzee John Kiplagat.

☆ Singapore’s 15 fastest-growing jobs for 2023, according to LinkedIn
▼ + stars: | 2023-01-22 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +8 min

Jobs that help companies digitize and grow amid economic volatility are on the rise in Singapore, according to LinkedIn. Its latest Jobs on the Rise data revealed spikes in hiring for growth specialists, technical jobs and health-care professionals in Asia — among other jobs expected to expand hiring well into 2023. Researchers from LinkedIn examined jobs from January 2018 to July 2022 to calculate the growth rate for each job title in a specific country. Here's the full list of Singapore's jobs on the rise in 2023, according to LinkedIn:1. Machine learning engineerMost common skills: TensorFlow, Deep Learning, PyTorch Most common industries: Technology and media, manufacturing, financial services Median years of prior experience: 2.6 Remote job availability: 4.5%12.

☆ Bank of Japan's decision to keep yield curve control policy unchanged is 'sensible,' Nomura says
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan's decision to keep yield curve control policy unchanged is 'sensible,' Nomura saysYujiro Goto of the financial services firm says the market is "too excited" about potential changes such as the scrapping of negative interest rates.

☆ Indonesia eyes $11 bln in capital market fundraising this year
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 2 (Reuters) - Indonesia is targeting 170 trillion rupiah ($10.92 billion) in capital market fundraising for this year, including from initial public offerings and debt instruments, its financial regulator said on Monday, well below the amount raised in 2022. About 260 trillion rupiah was raised through the capital market last year, including the IPO of top tech firm PT GoTo Gojek Tokopedia (GOTO.JK), which raised $1.1 billion in April. Inarno Djajadi, head of capital market supervision at the Financial Services Authority, said there were 84 offerings in the pipeline with 81.41 trillion rupiah ($5.23 billion) in total estimated value. About 54.5 trillion rupiah of that would be from 58 potential IPOs. Among firms expected to go public in 2023 are two units of state energy firm Pertamina, Pertamina Geothermal Energy and Pertamina Hulu Energi.

☆ Nomura discusses the impact of the Bank of Japan's yield curve control policy tweak
▼ + stars: | 2022-12-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNomura discusses the impact of the Bank of Japan's yield curve control policy tweakYujiro Goto of the financial services firm discusses the ripple effects that a stronger yen might have on regional currencies.

☆ Southeast Asian venture capital firms expect to be pickier in 2023 than in 2022
▼ + stars: | 2022-12-20 | by ( Sheila Chiang | ) www.cnbc.com time to read: +6 min

Venture capital-backed companies only raised $369 billion for the first three quarters of 2022, according to Crunchbase data. Malte Mueller | Fstop | Getty ImagesVenture capital firms in Southeast Asia will probably be pickier next year, with valuations plunging and economic headwinds slowing growth in 2022. Sequoia Southeast Asia raised a $850 million fund in June, East Ventures raised $550 million in July, and Insignia Ventures Partners raised $516 million in August. Indonesia-based e-grocery company HappyFresh ceased operations in Malaysia after seven years, while Grab discontinued its quick commerce service GrabMart Kilat in Indonesia. "The 15-minute model of quick commerce in Southeast Asia is very difficult because the unit economics are very negative.

☆ UBS expects this global tech stock to see a 60% upside despite headwinds and reopening challenges
▼ + stars: | 2022-12-14 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

UBS is bullish on GoTo Group , and changed its 12-month rating for Indonesian e-commerce and ride-hailing giant from "sell" to "buy." GoTo shares surged as much as 33% during Tuesday trading after the Swiss investment bank did a double upgrade of the stock. Despite subsidy reductions and tough macro conditions, GoTo has been growing quarter-on-quarter in key segments, UBS said in its report. UBS Still, UBS lowered its 12-month price target for GoTo by 33% to 160 rupiah, from a previous target of 240 rupiah. "The expiry of lock-up and steady progress towards profitability in end-2023 should help the stock re-rate, in our view," said the UBS report.

☆ Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways
▼ + stars: | 2022-12-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Lauryn Ishak | Bloomberg | Getty ImagesMore tech startups in Southeast Asia laid off workers this year, as macro headwinds widened losses and venture capitalists pushed startups to extend their runways. Jia Jih Chai RainforestThey join Sea Group and other companies in the region in downsizing headcount. Sea Group, according to local media, laid off more than 7,000 employees over the past six months. Tech startups in Southeast Asia are still largely unprofitable, with names like Sea Group and Grab amassing billions of losses annually. Existing investors in the company are also actively advising founders to prepare for winter, Jussi Salovaara, Antler's co-founder and managing partner for Asia, told CNBC.

☆ Inside SoftBank Vision Fund's awful, terrible, really bad year. How the venture fund tumbled, according to former employees, investors and rival VCs.
▼ + stars: | 2022-12-08 | by ( Hasan Chowdhury | Ben Bergman | Samantha Stokes | ) www.businessinsider.com time to read: +12 min

SoftBank's Vision Fund just experienced one of its most dismal years in its history. SoftBank's Vision Fund was once a power broker, having raised a jaw-dropping $100 billion in 2017, followed by plans to raise $108 billion for Vision Fund 2 in 2019 — two of the largest venture-investing vehicles ever established. But insiders are now questioning if it will ever regain influence, according to 11 ex-Vision Fund investors, former employees, VCs, and industry analysts who weighed in on the future of the Vision Fund. One ex-Vision Fund investor described Son, now taking the reins of Vision Fund 2, as someone who is "not a manager." Given its investing performance so far, the obvious question is what happens once Vision Fund 2 has reached full investment.

☆ Indonesia's GoTo has lost almost 70% of its valuation since its April IPO
▼ + stars: | 2022-12-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Indonesia's GoTo Group has lost 68.5% of its initial value of 400 trillion rupiah ($28 billion) since its initial public offering in April. While the stock has ticked lower most of the year, GoTo shares sold off after pre-IPO shareholders opted out of a secondary offering following the lock-up expiration on Nov. 30. GoTo Group is the merged entity between Indonesia's two largest tech companies: ride-hailing giant Gojek and e-commerce marketplace Tokopedia. On Wednesday, the last day of the lock-up, GoTo said those pre-IPO shareholders decided to not proceed with the secondary offering. It was last seen trading near 123 rupiah, giving the company a valuation of about 126 trillion rupiah.

☆ Indonesia's GoTo says some pre-IPO shareholders not taking up secondary offering
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Dec 1 (Reuters) - Indonesian biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) said on Wednesday evening that some of its pre-IPO shareholders had decided not to take up a secondary offering of shares at this time. The shareholders were those who considered the proposed transaction, GoTo said in a statement without naming them. Shares of GoTo closed down 6.79% on Wednesday to 151 rupiah a piece prior to the announcement. The announcement came as the eight-month lock-up period for pre-IPO shareholders expired on Wednesday. GoTo, which raised $1.1 billion in an IPO last April, said in October that the purpose for a coordinated secondary offering of shares was to "facilitate an orderly sale through the negotiated market."

☆ Singapore's gig workers to get work injury, pension coverage
▼ + stars: | 2022-11-24 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 24 (Reuters) - Singapore will extend work injury insurance and pension coverage to food delivery and ride-hailing workers under proposed legislative changes that it aims to implement as early as late 2024, the Manpower Ministry said. The new rules will affect about 73,000 workers who deliver food or drive passengers for companies such as Grab (GRAB.O) , Gojek (GOTO.JK), Deliveroo (ROO.L) and Delivery Hero's (DHER.DE) Foodpanda. Workers would gain coverage under the national pension system, which collects contributions from both workers and companies, and receive work injury insurance covering medical expenses, income loss, and lump sum compensation for permanent disability or death. Gig workers would not, however, be considered full-time employees entitled to paid leave and other benefits. Reporting by Chen Lin in Singapore; Editing by Xinghui Kok and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

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