Grab Reportedly Began Due Diligence for GoTo (GOTO) Acquisition

Grab Reportedly Began Due Diligence for GoTo (GOTO) Acquisition
Grab has reportedly resumed discussions to acquire GOTO and has begun the due diligence process, evaluating GOTO's accounts, contracts, and operations. Previous merger talks between Grab and GOTO failed due to antitrust concerns, as a combined entity would control 60-70% of Southeast Asia's on-demand services market, particularly in Indonesia. Grab reportedly considers a valuation above USD 7 bn, with a potential offer exceeding IDR 100/sh. The companies are targeting 2025 for a deal, though regulatory approval remains uncertain. (Bisnis.com)

 

COMPANY
PRDA FY24 Analyst Call - Net Profit in line with Cons

- PRDA recorded a 4Q24 net profit of IDR 76bn (-3.7% QoQ; +213.2% YoY), bringing FY24 earnings to IDR 270bn (+4.0% YoY), in line with consensus at 101.3%. Profitability was supported by improved performance from its subsidiary, PT Prodia Digital Indonesia, and stable margins despite soft revenue growth.
- Revenue in 4Q24 rose to IDR 654bn (+15.5% QoQ; +7.2% YoY), driven by walk-in customers (30.2%) and external referrals (26.6%), offsetting a slight slowdown in contributions from doctor referrals and corporate clients. For FY24, revenue grew modestly to IDR 2.3tn (+1.3% YoY), achieving 98.9% of the consensus forecast, impacted by a decline in visits to 2.7mn (-2.2% YoY) and test volume to 20mn (-2.4% YoY). Growth was supported by an increase in revenue per visit to IDR 812K (+3.4% YoY), driven by annual price adjustments and an improved test mix, with the company adding 30 new advanced lab tests annually.

FY25 Strategies and Outlook:
- Network expansion by adding 5 new Hospital Labs Management, targeting POC (Point of Care) outlets become 70 (c. 67 POC outlets), and opening 1-2 new Clinical Lab branches throught Java and Ex-Java.
- Visits boost in 2025 will still be driven by walk-in customers & external referrals - Doctor referrals present further opportunities as PRDA enhances the “Prodia for Doctor” app, targeting hospitals and independent clinics.
- Increase revenue contribution from “U by Prodia” to 14%-15% (currently 12.9%).
- Strengthen SEA Referral Laboratory positioning, with existing clients from Timor Leste and expansion efforts in Thailand, Malaysia, and Brunei.
- FY25 Capex: IDR 200-250bn, with 50%-55% allocated for IT & development.
- Maintain a 60% DPR.

PRDA continues to expand its network and enhance customer-centric solutions through its "U by Prodia" app, launched in 2024, offering a more efficient and integrated healthcare solution. Future growth will also be supported by PT Prodia Diagnostic Line (Proline), following PRDA's 39% stake acquisition in 2024.