Uber’s Exit Prompts Go-Jek to Finally Expand Beyond Indonesia

Grab, aided by $4 billion raised from investors led by SoftBank Group Corp., has also pushed aggressively onto Go-Jek’s home turf. Grab already …

Go-Jek, Indonesia’s first billion-dollar startup, will invest $500 million to expand ride-hailing and other services to four Southeast Asian countries, taking advantage of Uber’s pullout from the region to make its first international foray.

The Jakarta-based company will enter Vietnam, Thailand, Singapore and the Philippines in coming months, starting with ride-hailing but with the aim of replicating the multiple services it offers back home, it said in an emailed statement.

That will pit Go-Jek directly against larger rival Grab, including in the latter’s home market of Singapore. The Indonesian startup is taking the plunge after Uber Technologies Inc.agreed in March to swap its Southeast Asian business for a 27.5 percent stake in Grab, thereby withdrawing from a hotly contested region of more than 600 million people.

Go-Jek, whose backers include Warburg Pincus and KKR & Co., has evolved from an app to book motorbike taxis to a way to pay bills, order food or buy movie tickets in Southeast Asia’s largest economy. It recently raised funds from investors including Google, Tencent Holdings Ltd. and Temasek Holdings Pte and was valued around $1.8 billion in 2016 by CB Insights.

Read more: Go-Jek Explores First IPO of a Billion-Dollar Indonesian Startup

Nadiem Makarim

Photographer: Dimas Ardian/Bloomberg

“Consumers are happiest when they have choice and at the moment, people in Vietnam, Thailand, Singapore and the Philippines don’t feel that they’re getting enough,” Go-Jek Chief Executive Officer Nadiem Makarim said in the statement. “We hope that as we arrive in new markets, we will quickly become everyone’s go-to lifestyle app.”

Grab, aided by $4 billion raised from investors led by SoftBank Group Corp., has also pushed aggressively onto Go-Jek’s home turf. Grab already operates in seven countries and is run by Anthony Tan, Makarim’s former classmate at Harvard Business School.

Read more: Friends at Harvard Turn Rivals Over Ride-Hailing Apps in Asia

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    Andrew C. Florance Sells 7782 Shares of CoStar Group (NASDAQ:CSGP) Stock

    WINTON GROUP Ltd bought a new stake in shares of CoStar Group in the 1st quarter worth about $1,385,000. Xact Kapitalforvaltning AB increased its …

    CoStar Group logoCoStar Group (NASDAQ:CSGP) CEO Andrew C. Florance sold 7,782 shares of the firm’s stock in a transaction on Thursday, April 26th. The shares were sold at an average price of $372.34, for a total transaction of $2,897,549.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

    Andrew C. Florance also recently made the following trade(s):

    • On Monday, April 30th, Andrew C. Florance sold 5,839 shares of CoStar Group stock. The shares were sold at an average price of $369.05, for a total transaction of $2,154,882.95.
    • On Monday, April 30th, Andrew C. Florance sold 24,821 shares of CoStar Group stock. The shares were sold at an average price of $371.03, for a total transaction of $9,209,335.63.

    CoStar Group traded up $3.33, hitting $380.83, during midday trading on Wednesday, Marketbeat.com reports. 88,400 shares of the stock were exchanged, compared to its average volume of 216,487. CoStar Group has a 1 year low of $242.76 and a 1 year high of $396.59. The company has a market capitalization of $14.00 billion, a price-to-earnings ratio of 97.97, a price-to-earnings-growth ratio of 3.46 and a beta of 1.53.

    CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Monday, April 23rd. The technology company reported $1.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.28. The firm had revenue of $274.00 million for the quarter, compared to the consensus estimate of $270.56 million. CoStar Group had a net margin of 15.09% and a return on equity of 6.97%. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.05 EPS. sell-side analysts predict that CoStar Group will post 6.63 earnings per share for the current year.

    A number of brokerages have recently commented on CSGP. BidaskClub raised shares of CoStar Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 5th. SunTrust Banks raised their target price on shares of CoStar Group to $410.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Zacks Investment Research raised shares of CoStar Group from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research note on Thursday, February 8th. Needham & Company LLC lifted their price target on shares of CoStar Group to $450.00 and gave the stock a “buy” rating in a research note on Tuesday, April 24th. Finally, JMP Securities lifted their price target on shares of CoStar Group from $375.00 to $380.00 and gave the stock a “market outperform” rating in a research note on Tuesday, April 24th. One investment analyst has rated the stock with a sell rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $388.45.

    Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in shares of CoStar Group by 6.8% in the 1st quarter. Amalgamated Bank now owns 7,575 shares of the technology company’s stock worth $2,747,000 after purchasing an additional 479 shares during the last quarter. Summit Trail Advisors LLC increased its position in shares of CoStar Group by 21,110.0% in the 1st quarter. Summit Trail Advisors LLC now owns 105,838 shares of the technology company’s stock worth $106,000 after purchasing an additional 105,339 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of CoStar Group in the 1st quarter worth about $1,385,000. Xact Kapitalforvaltning AB increased its position in shares of CoStar Group by 9.5% in the 1st quarter. Xact Kapitalforvaltning AB now owns 4,247 shares of the technology company’s stock worth $1,540,000 after purchasing an additional 370 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of CoStar Group by 196.9% in the 1st quarter. Royal Bank of Canada now owns 29,121 shares of the technology company’s stock worth $10,562,000 after purchasing an additional 19,311 shares during the last quarter. 96.77% of the stock is owned by institutional investors.

    About CoStar Group

    CoStar Group, Inc provides information, analytics, and online marketplace to the commercial real estate industry in North America and internationally. The company offers CoStar Property Professional service that provides inventory of office, industrial, retail, and multifamily properties and land. It also provides CoStar COMPS Professional, which covers comparable commercial real estate sales information; CoStar Tenant, an online business-to-business prospecting and analytical tool; CoStarGo, an iPad and Android application; CoStar Lease Comps, an integrated solution that captures, manages, maintains, and analyzes lease data; CoStar Advertising to market a space for lease or a property for sale; and CoStar Portfolio Strategy to meet the research needs of commercial real estate owners, investors, lenders, and government regulators.

    Insider Buying and Selling by Quarter for CoStar Group (NASDAQ:CSGP)

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    Uber posts 55% jump in first-quarter sales, plans to double down on growth

    Japanese tech investor SoftBank Group Corp. 9984, -1.92% , which holds a 15% stake in Uber, bought $6.5 billion worth of the company’s stock in …

    After announcing massive sales growth in its first-quarter results late Wednesday, Uber Technologies Inc. plans invest the better-than-expected gains back into the business and push even harder.

    Uber said it logged net income of $2.5 billion on gross bookings of $11.29 billion, or 55% growth compared with the year-earlier period. Net revenue grew by 67% to $2.5 billion. Uber’s bottom line benefited from two significant transactions: its sale of GrabTaxi Holdings Pte Ltd. and a joint venture with Yandex N.V.

    Excluding those two transactions, the company posted adjusted losses of $577 million, which is narrower than the past four quarters.

    The results beat the company’s internal forecasts and, as a result, Uber Chief Executive Dara Khosrowshahi said Uber has no plans of slowing down and will continue to make significant bets in its various business units.

    “Given the size of the opportunity ahead of us and our goal of making Uber a true mobility platform, we plan to reinvest any over-performance even more aggressively this year, both in our core business as well as in big bets like Uber Eats globally,” Khosrowshahi said in a statement.

    Khosrowshahi could be signalling to investors that he plans to continue to run the company at a loss, even as the company prepares to go public in 2019.

    Don’t miss: Uber believes it has SEC nod for earnings approach that mirrors business model

    With this quarter’s financial results came two significant changes to the way Uber presents its financial statements to investors. First, the company is moving fare adjustments based on longer- or shorter-than-anticipated rides from the gross bookings line item into what the company calls “contra-revenue.” Removing this cash deducted $230 million from the company’s gross bookings.

    Contra-revenue, according to Uber, are the costs such as driver fees, promotions, taxes and other fees that it subtracts from gross bookings to arrive at net revenue.

    The other change involves moving promotions across entire markets — such as San Francisco or New York City — and now including it as a sales and marketing operating expense instead of contra revenue. In the fourth quarter of last year, that amounted to a $148 million addition to net revenue.

    The San Francisco-based company is privately held, and the financial statements are not audited.

    Read: Uber closes self-driving vehicle program in Arizona after fatal crash

    Separately Wednesday, Uber said that secretive investors Coatue Management, Altimeter Capital and TPG Capital will seek to buy $400 million to $600 million worth of Uber stock from existing investors at $40 a share. The company says that values Uber at $62 billion.

    Japanese tech investor SoftBank Group Corp. 9984, -2.53% , which holds a 15% stake in Uber, bought $6.5 billion worth of the company’s stock in January at a $48 billion valuation.

    TTM Technologies (NASDAQ:TTMI) Downgraded to Sell at BidaskClub

    WINTON GROUP Ltd acquired a new position in shares of TTM Technologies in the first quarter valued at approximately $343,000. Dalton Greiner …

    TTM Technologies logoBidaskClub cut shares of TTM Technologies (NASDAQ:TTMI) from a hold rating to a sell rating in a research report sent to investors on Tuesday, May 1st.

    A number of other research firms also recently commented on TTMI. Zacks Investment Research raised shares of TTM Technologies from a sell rating to a hold rating in a report on Thursday, April 12th. Stifel Nicolaus decreased their price objective on shares of TTM Technologies from $20.00 to $18.00 and set a buy rating on the stock in a report on Thursday, February 8th. Needham & Company LLC decreased their price objective on shares of TTM Technologies from $22.00 to $20.00 and set a strong-buy rating on the stock in a report on Thursday, February 8th. Finally, JPMorgan Chase & Co. reissued an overweight rating and set a $20.00 price objective (down previously from $22.00) on shares of TTM Technologies in a report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. TTM Technologies has an average rating of Buy and an average target price of $19.50.

    Shares of NASDAQ:TTMI traded up $0.06 during midday trading on Tuesday, hitting $16.59. The stock had a trading volume of 798,199 shares, compared to its average volume of 870,241. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 15.95 and a beta of 1.76. TTM Technologies has a 1 year low of $12.76 and a 1 year high of $19.54. The company has a quick ratio of 1.72, a current ratio of 1.84 and a debt-to-equity ratio of 0.93.

    TTM Technologies (NASDAQ:TTMI) last released its quarterly earnings data on Wednesday, May 2nd. The technology company reported $0.26 EPS for the quarter, hitting analysts’ consensus estimates of $0.26. The firm had revenue of $663.58 million for the quarter, compared to the consensus estimate of $638.80 million. TTM Technologies had a net margin of 3.76% and a return on equity of 10.32%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 earnings per share. research analysts forecast that TTM Technologies will post 1.03 EPS for the current year.

    In other TTM Technologies news, insider Jon Pereira sold 6,985 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $16.09, for a total value of $112,388.65. Following the sale, the insider now owns 36,960 shares of the company’s stock, valued at $594,686.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Daniel J. Weber sold 8,630 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $15.89, for a total transaction of $137,130.70. Following the completion of the sale, the senior vice president now directly owns 30,642 shares in the company, valued at approximately $486,901.38. The disclosure for this sale can be found here. Insiders sold 141,288 shares of company stock worth $2,274,950 in the last ninety days. Insiders own 10.10% of the company’s stock.

    Several hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in shares of TTM Technologies by 3.6% in the first quarter. Principal Financial Group Inc. now owns 796,362 shares of the technology company’s stock valued at $12,177,000 after purchasing an additional 27,558 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of TTM Technologies in the first quarter valued at approximately $343,000. Dalton Greiner Hartman Maher & Co. raised its position in shares of TTM Technologies by 6.0% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 1,273,595 shares of the technology company’s stock valued at $19,473,000 after buying an additional 72,440 shares during the last quarter. Xact Kapitalforvaltning AB acquired a new position in shares of TTM Technologies in the first quarter valued at approximately $256,000. Finally, Legal & General Group Plc raised its position in shares of TTM Technologies by 2.6% in the first quarter. Legal & General Group Plc now owns 187,168 shares of the technology company’s stock valued at $2,851,000 after buying an additional 4,657 shares during the last quarter.

    About TTM Technologies

    TTM Technologies, Inc, together with its subsidiaries, manufactures printed circuit boards (PCBs) worldwide. It operates through two segments, PCB and E-M Solutions. The company offers a range of PCBs and electro-mechanical solutions, including conventional PCBs, high density interconnect PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration products, and IC substrates.

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    Activists win proxy contest at Destination Maternity

    Large investors in Destination Maternity include Royce & Associates, Renaissance Technologies, and the Vanguard Group. “In our view, new …

    BOSTON (Reuters) – Activist investors took control of the board of maternity and baby clothing retailer Destination Maternity on Wednesday after investors voted to replace all four directors with dissidents, including three women, sources said.

    While the results had not yet been certified, the company said at its annual meeting earlier on Wednesday that the preliminary vote count showed that all four dissidents were elected, the three sources said.

    Investors voted to seat Holly Alden, co-founder of audio accessory company Skullcandy, industry analyst and consultant Anne-Charlotte Windal, former retail executive Marla Ryan and investor Christopher Morgan. They replace Barry Erdos, Peter Longo, Pierre-Andre Mestre and Melissa Payner-Gregor, who is currently interim chief executive officer.

    The vote marks the first time in recent corporate history that a majority of women dissident directors have won a proxy contest.

    But the bitter fight between the company and the activists also illustrated how difficult it can be to get women onto boards after Institutional Shareholders Services, a prominent proxy adviser, did not back the dissidents. ISS expressed concern that the proposed directors had no public board experience.

    Activists Nathan Miller and Peter O’Malley, who own roughly 9 percent of the company, have spent months pushing for the company to improve operations and argued that the maternity clothing company needs more gender diversity. Since September, there has been significant turmoil in the executive suite after Anthony Romano stepped down as CEO. He has been succeeded by two interim CEOs.

    The company’s stock price, which had tumbled some 30 percent over the last 52 weeks, climbed 6.6 percent to close at $2.90.

    Over the last five years, the stock has fallen from roughly $30 a share.

    Large investors in Destination Maternity include Royce & Associates, Renaissance Technologies, and the Vanguard Group.

    “In our view, new independent voices and greater diversity will be a tremendous asset for the Company and we are very pleased with the result of this election,” Miller said in a statement.

    Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler and Tom Brown

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