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Acommerce is an ecommerce enabler providing end-to-end and ala carte ecommerce solutions for brands in Southeast Asia (SEA). As per Euromonitor, the firm is the largest fully integrated service provider in SEA, with a market share of 16.5% as per 2020 gross merchandise value (GMV).
Acommerce has been a key beneficiary of COVID during which it saw robust GMV and order growth. While take rate has dipped slightly, revenue has grown on the surging GMV transacted by the firm.
However, the firm has been recording unexpectedly weak margins despite providing consulting, marketing and analytics etc. services, implying that it does a lot of logistical heavy lifting. While not necessarily an issue, it runs the risk of being asset-heavy and being unable to sell the inventory it carries on its balance sheet. Growth has been slower than the industry growth as well and its growth plan/path to profitability sounds counterintuitive, in our view.
Acommerce Pre-IPO
Acommerce is looking to raise about US$200m in its upcoming Thailand IPO.Acommerce is an ecommerce enabler providing end-to-end and ala carte ecommerce solutions for brands in Southeast Asia (SEA). As per Euromonitor, the firm is the largest fully integrated service provider in SEA, with a market share of 16.5% as per 2020 gross merchandise value (GMV).
Acommerce has been a key beneficiary of COVID during which it saw robust GMV and order growth. While take rate has dipped slightly, revenue has grown on the surging GMV transacted by the firm.
However, the firm has been recording unexpectedly weak margins despite providing consulting, marketing and analytics etc. services, implying that it does a lot of logistical heavy lifting. While not necessarily an issue, it runs the risk of being asset-heavy and being unable to sell the inventory it carries on its balance sheet. Growth has been slower than the industry growth as well and its growth plan/path to profitability sounds counterintuitive, in our view.
Underlying
Acommerce Group
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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