Malaysia has welcomed two new ride-hailing entrants, Lalamove and Bolt, while Singapore has Trans-cab and Geolah. Indonesia has also seen the entry of electric vehicle (EV) players committed to expanding EV charging stations in a “big way” thanks to the Lippo Group. Running premium car services may also increase in Indonesia due to a 15% to 20% rise in fuel costs, making rides in this segment more expensive.
DBS Group Research analysts Sachin Mittal and Nashrullah Putra Sulaeman have named Sea Limited as their “top pick” within the e-commerce sector over other counters such as Grab Holdings, GoTo Gojek and Bukalapak.com.
This comes as the analysts see tailwinds from benign e-commerce competition for Sea versus a short-term spike in competition for Grab in Southeast Asia.
